14 Best Multibagger Penny Stocks to Buy Right Now

7. Annexon, Inc. (NASDAQ:ANNX)

Share price: $4.91

Analysts upside potential: 195.32%

Number of hedge fund holders: 22

Annexon Inc. (NASDAQ:ANNX) is one of the best multibagger penny stocks to buy right now. On December 1, Clear Street initiated coverage of Annexon Inc. (NASDAQ:ANNX) with a Buy rating and a $17 price target. The positive stance is in response to the progress the company has made in developing complement inhibitors for inflammation-related diseases.

The company’s lead asset, vonaprument, for geographic atrophy (GA) has already demonstrated positive results in Phase 2 trials. The research firm expects topline pivotal data in the second half of next year, which should provide clinical de-risking and access to a large and growing market. The company’s other lead product, Tanruprubart, for Guillain-Barré syndrome (GBS), has also delivered positive data in a pivotal study, with an European regulatory submission scheduled for early next year.

Clear Street has also mentioned the oral complement inhibitor ANX1502, which is currently in early clinical development. The research firm expects it to be an essential treatment in a class presently limited to injected or infused administration.

Meanwhile, analysts at Wells Fargo reiterated an overweight rating on the stock on November 19 and raised the price target to $27 from $14. The price target increase reflects the research firm’s confidence that Vonaprument’s Phase 3 GA trial will deliver positive results in the second half of 2026.

Annexon, Inc. (NASDAQ:ANNX) is a clinical-stage biopharmaceutical company developing next-generation medicines, primarily targeting the classical complement pathway (C1q) to treat severe autoimmune, neurodegenerative, and ophthalmic diseases, such as Guillain-Barré Syndrome (GBS) and geographic atrophy (GA).