Goldman's cautious PT and Neutral rating stand out against a heavily bullish consensus just ahead of earnings. Expect heightened volatility into the May 18 report; the divergence between Goldman's view and institutional buying/insider buys creates a potential squeeze setup if earnings surprise positively, but the high short interest also raises downside risk if the Neutral call proves prescient.
Price Chart
Executive Summary
Goldman Sachs initiated coverage of ANNX on May 12, 2026, with a Neutral rating and a $7 price target, well below the consensus mean of $13.71 and the prior low of $8. The firm has a 54% accuracy rate on 2,921 rated calls with a +5.6% average return, placing it around average among covering firms. The broader consensus is overwhelmingly bullish — 15 of 16 analysts rate ANNX a Buy or Strong Buy, with only Goldman at Neutral. Price targets range from $8 to $27, implying 140% upside to the mean from the current $5.70, while Goldman's target offers just 23% upside. In the past 30 days, EPS revisions have been mixed — 2 up and 2 down for the current fiscal year — though the estimate has ticked higher from -$1.19 to -$1.16. Insider activity shows both buying (Carson William H. bought ~$95K in March/April) and selling (three executives sold ~$94K in March). Short interest is elevated at 56.2% of float, and institutional flows are mixed with Vanguard and Morgan Stanley adding while FMR trimmed. With earnings due May 18, the Goldman initiation is a significant contrarian signal from a high-volume firm just ahead of a catalyst.
Impact Score
Consensus & Targets
The consensus consists of 16 analysts covering ANNX: 4 Strong Buy, 11 Buy, 1 Hold. That translates to 93.75% Buy-equivalent ratings. Goldman's Neutral is the sole non-bullish call, making it a clear outlier.
The mean price target is $13.71, median $11, high $27, low $8. At $5.70, the implied upside to the mean is 140%. Goldman's $7 target is below the previous low of $8, offering only 22.8% upside and representing the most bearish estimate on the street.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-12 | Goldman Sachs | initiate | Neutral | $7.00 |
| 2026-03-20 | Chardan Capital | maintain | Buy | — |
| 2025-12-23 | Chardan Capital | initiate | Buy | $16.00 |
| 2025-12-02 | Clear Street | initiate | Buy | $17.00 |
| 2025-11-19 | Wells Fargo | maintain | Overweight | $27.00 |
| 2025-08-15 | HC Wainwright & Co. | reiterate | Buy | $14.00 |
| 2025-05-14 | HC Wainwright & Co. | maintain | Buy | $14.00 |
| 2025-05-13 | Needham | maintain | Buy | $11.00 |
| 2025-03-04 | Needham | reiterate | Buy | $16.00 |
| 2024-12-17 | HC Wainwright & Co. | reiterate | Buy | $30.00 |
In the past 30 days, there has been 1 analyst action: Goldman's initiation. No downgrades or upgrades. EPS estimates for the current fiscal year show 2 upward and 2 downward revisions in the past 30 days, with the average EPS improving slightly from -$1.19 to -$1.16. Revisions are balanced, implying no clear directional bias from the sell-side.
Firm Track Record — Goldman Sachs
Goldman Sachs accuracy: 54% on 2921 calls | avg return: 5.6%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 4 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| HC Wainwright & Co. | 50% | 4/8 | -7.6% | below average |
| Wells Fargo | 50% | 2/4 | -0.9% | below average |
| Needham | 38% | 3/8 | -3.2% | below average |
| Cantor Fitzgerald | 20% | 1/5 | -14.6% | below average |
Goldman Sachs has a 54% accuracy rate on 2,921 calls with an average return of +5.6%. Among firms covering ANNX, HC Wainwright (50% on 8 calls) and Wells Fargo (50% on 4 calls) are the best performers, while Cantor Fitzgerald (20% on 5 calls) is the worst. Goldman's moderate accuracy and large sample lend weight but not exceptional precision.
Earnings Estimates
Next earnings: May 18, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0y | $-1.16 | $-1.23 — $-1.05 | $0.00 | ↑2 ↓0 |
| 0q | $-0.30 | $-0.34 — $-0.26 | $0.00 | ↑0 ↓0 |
| +1q | $-0.30 | $-0.33 — $-0.25 | $0.00 | ↑0 ↓0 |
| +1y | $-0.96 | $-1.13 — $-0.88 | $43.8M | ↑1 ↓0 |
Cross-Platform Signals
Insider activity is mixed: Carson William H. bought $94,960 in two transactions (March/April), while three executives sold $93,769 in early March. Institutional changes show Vanguard (+32.9%), Wells Fargo (+40.1%), and Morgan Stanley (+263.9%) adding, but FMR trimming (-29.4%). Short interest is high at 56.2% of float, indicating significant bearish positioning. The Goldman initiation (cautious) converges with the elevated short interest and the recent insider selling, but diverges from the insider buying and the Vanguard/Morgan Stanley accumulation.
Investment Themes
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | ANALYST-UPGRADE | $5.26 $5.18 | ▼ −1.52% | ▲ +0.44% | $3.76 (−28.52%) |
Aug 12, 2026 10w ago | 8-K | $5.33 $5.50 | ▲ +3.19% | ▲ +3.63% | $3.76 (−29.46%) |
Aug 12, 2026 10w ago | Press Release | $5.33 $5.50 | ▲ +3.19% | ▲ +3.63% | $3.76 (−29.46%) |
Aug 10, 2026 11w ago | 8-K | $5.34 $5.28 | ▼ −1.12% | ▼ −0.72% | $3.76 (−29.59%) |
Aug 7, 2026 11w ago | Institutional Cluster | $5.41 $5.29 | ▼ −2.22% | ▼ −2.62% | $3.76 (−30.50%) |
Aug 6, 2026 11w ago | Press Release | $5.60 $5.26 | ▼ −6.07% | ▼ −7.28% | $3.76 (−32.86%) |
Jul 21, 2026 14w ago | ANALYST-UPGRADE | $5.39 $5.13 | ▼ −4.82% | ▼ −3.60% | $3.76 (−30.24%) |
Jul 14, 2026 15w ago | 144 | $5.55 $5.57 | ▲ +0.36% | ▲ +1.66% | $3.76 (−32.25%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.70 $4.94 | ▲ +5.11% | ▲ +4.67% | $3.76 (−20.00%) |
May 12, 2026 24w ago | ANALYST-UPGRADE | $5.44 $4.96 | ▲ +8.82% | ▲ +8.90% | $3.76 (+30.88%) |
US Market Status
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