SCHEDULE: FMR LLC & Abigail Johnson Boost Annexon Stake to 10.1%

FMR LLC and Abigail P. Johnson have disclosed a 10.1% beneficial ownership stake in Annexon Inc., holding over 11 million shares of common stock.

Summary

• FMR LLC and Abigail P. Johnson reported beneficial ownership of 11,081,163.36 shares of Annexon Inc. common stock as of September 30, 2025.
• This aggregate amount represents 10.1% of Annexon Inc.'s total outstanding common stock.
• FMR LLC holds sole voting power over 11,075,999.00 shares and sole dispositive power over 11,081,163.36 shares.
• Abigail P. Johnson, as a Director, Chairman, and Chief Executive Officer of FMR LLC and a predominant owner, is deemed to beneficially own the same aggregate amount of shares with sole dispositive power.
• The filing is an Amendment No. 4 to a Schedule 13G, indicating an update to a previously reported beneficial ownership position.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Annexon Inc.

Sentiment

Score: 8

Explanation: The disclosure of a significant 10.1% beneficial ownership by FMR LLC and Abigail P. Johnson in Annexon Inc. is a strong positive signal, indicating substantial institutional confidence in the company's value and prospects.

Positives

• A significant institutional investor, FMR LLC (Fidelity), holds a substantial 10.1% stake in Annexon Inc., indicating strong confidence in the company's long-term prospects.
• The involvement of Abigail P. Johnson, a prominent figure in the financial industry and a control person of FMR LLC, as a beneficial owner further underscores the institutional interest and potential strategic alignment.

Negatives

• No specific negative information is contained within this beneficial ownership report; it is a factual disclosure of an equity stake.

Risks

• This filing does not detail specific risks related to Annexon Inc.'s operations, financial health, or market position; it is solely a disclosure of beneficial ownership.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Annexon Inc.'s future performance or strategic direction.

Industry Context

This filing indicates a significant institutional investment by FMR LLC, a major asset manager, in Annexon Inc., a biotechnology company. Such a substantial stake (over 10%) by a prominent financial institution can signal strong conviction in the company's long-term prospects, potentially attracting further investor interest within the biotech sector. It suggests that FMR LLC sees value in Annexon's current or future pipeline and market position, aligning with broader trends of institutional capital flowing into promising life sciences companies.

Comparison to Industry Standards

• A 10.1% stake by a major institutional investor like FMR LLC is a substantial position, often considered a strong vote of confidence. For comparison, while large index funds (e.g., Vanguard, BlackRock) often hold significant passive stakes across many companies, an active manager like Fidelity taking such a concentrated position can be more indicative of a specific investment thesis.
• This level of ownership is well above the 5% threshold that triggers Schedule 13G filings, demonstrating a significant commitment to Annexon Inc. by FMR LLC and its affiliates.

Corporate Governance

Stakeholder Impact

• Shareholders: Existing shareholders may view this as a positive signal, potentially increasing confidence and attracting new investors, which could positively impact the share price due to increased demand.
• Management: The significant institutional stake could lead to increased scrutiny or engagement from FMR LLC, potentially influencing strategic decisions, although the filing explicitly states the stake is not for control purposes.
• Employees/Customers/Suppliers/Creditors: Direct impact is minimal from an ownership disclosure, but increased investor confidence could indirectly benefit the company's stability and growth prospects, which can positively affect all stakeholders.

Key Dates

Recommendation

The disclosure of a substantial 10.1% beneficial ownership by FMR LLC, a highly respected institutional investor, and its CEO Abigail P. Johnson, signals strong conviction in Annexon Inc.'s prospects. This significant stake, acquired in the ordinary course of business, suggests a thorough due diligence process and a belief in the company's long-term value. Such a vote of confidence from a major financial player often precedes positive market sentiment and can attract further investment, making it a compelling 'buy' signal for investors looking for institutional backing.

Keywords

Annexon Inc, FMR LLC, Abigail P. Johnson, Schedule 13G, beneficial ownership, institutional investment, common stock, equity stake, Fidelity