AnaptysBio (NASDAQ:ANAB) Trading Down 9.8% - Should You Sell?

Key Points

• AnaptysBio's stock price fell 9.8% during trading on Wednesday, closing at $23.66 after reaching a low of $24.29, with trading volume significantly down by 85% compared to its average session.
• Multiple analysts have set new price targets for AnaptysBio, with Guggenheim raising its target to $90.00 and JPMorgan Chase lifting theirs to $80.00, while overall the stock has an average rating of "Moderate Buy" with a target price of $47.13.
• Insider trading activity includes Director Hollings Renton selling 20,925 shares for approximately $493,202, which marked an 80.82% reduction in his position in the company.

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) shares dropped 9.8% during trading on Wednesday . The company traded as low as $24.29 and last traded at $23.66. Approximately 122,009 shares traded hands during trading, a decline of 85% from the average daily volume of 788,314 shares. The stock had previously closed at $26.22.

Analysts Set New Price Targets

ANAB has been the topic of a number of recent analyst reports. HC Wainwright upgraded AnaptysBio from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $22.00 to $38.00 in a research report on Wednesday, June 4th. JPMorgan Chase & Co. upped their target price on AnaptysBio from $42.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "buy" rating and set a $90.00 price target (up previously from $54.00) on shares of AnaptysBio in a research report on Wednesday, May 28th. Finally, Wedbush restated an "outperform" rating and issued a $40.00 price objective on shares of AnaptysBio in a research report on Thursday, May 29th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, AnaptysBio has a consensus rating of "Moderate Buy" and a consensus target price of $47.13.

AnaptysBio Stock Performance

The company has a market cap of $725.39 million, a P/E ratio of -5.09 and a beta of -0.20. The stock has a 50-day moving average of $24.09 and a two-hundred day moving average of $20.22.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The biotechnology company reported ($1.28) EPS for the quarter, topping the consensus estimate of ($1.30) by $0.02. AnaptysBio had a negative net margin of 125.70% and a negative return on equity of 282.47%. The firm had revenue of $27.77 million for the quarter, compared to the consensus estimate of $15.27 million. As a group, sell-side analysts forecast that AnaptysBio, Inc. will post -6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hollings Renton sold 20,925 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $23.57, for a total transaction of $493,202.25. Following the transaction, the director directly owned 4,965 shares of the company's stock, valued at approximately $117,025.05. This trade represents a 80.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 33.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AnaptysBio

Several institutional investors and hedge funds have recently bought and sold shares of ANAB. First Light Asset Management LLC boosted its stake in shares of AnaptysBio by 433.3% during the first quarter. First Light Asset Management LLC now owns 4,633,602 shares of the biotechnology company's stock valued at $86,139,000 after purchasing an additional 3,764,720 shares during the period. Vanguard Group Inc. boosted its position in AnaptysBio by 8.4% during the 4th quarter. Vanguard Group Inc. now owns 1,843,740 shares of the biotechnology company's stock valued at $24,411,000 after buying an additional 143,584 shares during the period. Fairmount Funds Management LLC purchased a new stake in AnaptysBio during the 4th quarter valued at $24,050,000. Boxer Capital Management LLC bought a new stake in AnaptysBio in the 4th quarter worth $17,212,000. Finally, Palo Alto Investors LP increased its position in shares of AnaptysBio by 20.9% in the first quarter. Palo Alto Investors LP now owns 1,020,713 shares of the biotechnology company's stock valued at $18,975,000 after acquiring an additional 176,742 shares during the period.

About AnaptysBio

AnaptysBio, Inc, a clinical-stage biotechnology company, focuses in delivering immunology therapeutics. Its products include Rosnilimab, an IgG1 antibody that targets PD-1+ T cells, resulting in their agonism or depletion, broadly impacting pathogenic drivers of autoimmune and inflammatory diseases; and ANB032, a non-depleting antibody that binds to the BTLA checkpoint receptor and inhibits activated T cell proliferation; ANB033, a novel anti-CD122 antagonist antibody that targets the shared common beta subunit of the receptors for IL-15 and IL-2; ANB101, a BDCA2 modulator antibody that specifically targets plasmacytoid dendritic cells (pDCs); and Imsidolimab, an antibody that inhibits the interleukin-36 receptor, which is in the Phase 3 development for the treatment of generalized pustular psoriasis.