JPMorgan Chase & Co. Cuts AnaptysBio (NASDAQ:ANAB) Price Target to $60.00

Key Points

• JPMorgan lowered AnaptysBio’s price target to $60 from $70 while maintaining an “overweight” rating, implying 18.34% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $77.79, despite mixed recent revisions from other firms.
• AnaptysBio shares rose 0.7% to $50.70, while the company’s latest quarterly results significantly exceeded expectations, reporting $5.11 earnings per share and $27.49 million in revenue.

AnaptysBio (NASDAQ:ANAB - Get Free Report) had its price target lowered by analysts at JPMorgan Chase & Co. from $70.00 to $60.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 18.34% from the stock's previous close.

Several other research firms also recently issued reports on ANAB. Weiss Ratings restated a "sell (e+)" rating on shares of AnaptysBio in a report on Friday, August 7th. Zacks Research downgraded AnaptysBio from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 2nd. Scotiabank lowered AnaptysBio to a "hold" rating and set a $70.00 price target on the stock. in a research note on Tuesday, August 25th. Wolfe Research reaffirmed an "outperform" rating and issued a $78.00 price target on shares of AnaptysBio in a report on Monday, August 31st. Finally, Leerink Partners decreased their price objective on AnaptysBio from $90.00 to $81.00 and set an "outperform" rating on the stock in a report on Wednesday, September 23rd. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, AnaptysBio currently has an average rating of "Moderate Buy" and a consensus target price of $77.79.

AnaptysBio Stock Up 0.7%

Shares of AnaptysBio stock traded up $0.33 during midday trading on Wednesday, hitting $50.70. The company's stock had a trading volume of 224,230 shares, compared to its average volume of 689,636. AnaptysBio has a 1-year low of $19.65 and a 1-year high of $72.36. The firm has a market capitalization of $1.52 billion, a P/E ratio of 9.42 and a beta of 0.71. The stock has a 50-day simple moving average of $55.32 and a 200-day simple moving average of $58.90.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last released its quarterly earnings data on Monday, September 21st. The biotechnology company reported $5.11 EPS for the quarter, topping analysts' consensus estimates of ($0.46) by $5.57. AnaptysBio had a return on equity of 112.00% and a net margin of 82.37%.The firm had revenue of $27.49 million for the quarter, compared to the consensus estimate of $14.06 million. During the same quarter in the prior year, the company posted ($1.30) earnings per share. As a group, sell-side analysts predict that AnaptysBio will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On AnaptysBio

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in AnaptysBio in the second quarter valued at $124,473,000. Palo Alto Investors LP acquired a new stake in shares of AnaptysBio in the second quarter valued at about $40,735,508. Affinity Asset Advisors LLC raised its holdings in AnaptysBio by 111.4% during the first quarter. Affinity Asset Advisors LLC now owns 940,000 shares of the biotechnology company's stock worth $52,132,000 after acquiring an additional 495,308 shares in the last quarter. Bank of America Corp DE bought a new stake in AnaptysBio during the second quarter worth about $28,202,000. Finally, Hsbc Holdings PLC acquired a new position in AnaptysBio during the second quarter valued at approximately $14,928,000.

About AnaptysBio

AnaptysBio, Inc is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines for cancer and immune-mediated diseases. The company's programs are designed to modulate immune-cell signaling and address conditions in which the immune system is either insufficiently active, as in cancer, or overly active, as in autoimmune and inflammatory disorders.

AnaptysBio's pipeline has included rosnilimab, an investigational antibody targeting CD200R1, and other immune-cell modulators aimed at autoimmune and inflammatory diseases.

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