AnaptysBio (NASDAQ:ANAB) Reaches New 52-Week High - Here's Why

Key Points

• AnaptysBio shares hit a new 52-week high, trading as high as $72.36 and last at $70.04 on volume of about 86,029 shares.
• The company beat estimates in the quarter—EPS $1.58 vs. $0.89 and revenue $108.25M vs. $87.09M—and its board has initiated a share repurchase program.
• Analysts have an average rating of "Moderate Buy" with an average price target of $76.18, while insiders have recently sold shares (CEO sold 17,679) though insiders still own roughly 33.5%.

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $72.36 and last traded at $70.04, with a volume of 86029 shares changing hands. The stock had previously closed at $69.78.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Piper Sandler decreased their price target on shares of AnaptysBio from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Monday. Barclays decreased their price target on shares of AnaptysBio from $79.00 to $63.00 and set an "overweight" rating for the company in a report on Wednesday, April 22nd. Wall Street Zen upgraded shares of AnaptysBio from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 25th. Wedbush raised their price target on shares of AnaptysBio from $60.00 to $75.00 and gave the stock an "outperform" rating in a report on Thursday, March 12th. Finally, HC Wainwright restated a "buy" rating and set a $66.00 price target on shares of AnaptysBio in a report on Monday, March 30th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $76.18.

AnaptysBio Stock Performance

The firm has a market cap of $1.99 billion, a P/E ratio of -132.01 and a beta of 0.79. The company has a 50 day moving average of $60.87 and a 200 day moving average of $49.80.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The biotechnology company reported $1.58 EPS for the quarter, beating the consensus estimate of $0.89 by $0.69. The business had revenue of $108.25 million during the quarter, compared to analysts' expectations of $87.09 million. AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%. As a group, analysts expect that AnaptysBio, Inc. will post -3.15 EPS for the current fiscal year.

AnaptysBio announced that its Board of Directors has initiated a share repurchase program on Friday, March 27th that authorizes the company to buyback $100,000.00 billion in shares. This buyback authorization authorizes the biotechnology company to reacquire up to 5,352,316.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other AnaptysBio news, CEO Daniel Faga sold 17,679 shares of the company's stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $61.61, for a total transaction of $1,089,203.19. Following the completion of the sale, the chief executive officer owned 495,965 shares of the company's stock, valued at $30,556,403.65. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric J. Loumeau sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $54.00, for a total value of $540,000.00. Following the transaction, the insider owned 12,835 shares of the company's stock, valued at approximately $693,090. This trade represents a 43.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 48,324 shares of company stock valued at $2,787,594 over the last 90 days. 33.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ANAB. AQR Capital Management LLC lifted its holdings in shares of AnaptysBio by 153.3% during the first quarter. AQR Capital Management LLC now owns 30,011 shares of the biotechnology company's stock worth $558,000 after buying an additional 18,165 shares during the last quarter. Creative Planning raised its stake in shares of AnaptysBio by 26.9% in the second quarter. Creative Planning now owns 16,854 shares of the biotechnology company's stock valued at $374,000 after purchasing an additional 3,571 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of AnaptysBio by 1,631.6% in the second quarter. JPMorgan Chase & Co. now owns 247,625 shares of the biotechnology company's stock valued at $5,497,000 after purchasing an additional 233,325 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of AnaptysBio in the second quarter valued at $528,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of AnaptysBio in the second quarter valued at $3,348,000.

About AnaptysBio

AnaptysBio, Inc is a clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation. Founded in 2012 and headquartered in San Diego, California, AnaptysBio leverages a proprietary somatic hypermutation platform to rapidly generate and refine human antibodies with optimized efficacy and safety profiles. The company's technology is designed to accelerate target validation and candidate selection across a range of immune-mediated conditions.

The company's pipeline includes multiple clinical-stage programs addressing dermatological and inflammatory disorders.

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