Annexon falls on bigger-than-expected quarterly loss

Shares of drug developer Annexon fell 5.4% to $5.05 premarket after the company reported a second-quarter loss of 28 cents per share, compared with analysts' average loss estimate of 24 cents per share, according to LSEG data.

The company said research and development expenses were $46.6 million for the quarter ended June 30, compared with $44.2 million a year ago. Analysts on average were expecting $40.6 million in R&D expenses.

Annexon said the change in R&D expenses is primarily associated with the late-stage trial of its experimental eye-disease drug vonaprument and contract manufacturing expenses of its treatment candidates.

Annexon is developing treatments for neuroinflammatory diseases of the body, brain, and eye. Up to last close, the stock was up 6.4% year to date.