AnaptysBio (NASDAQ:ANAB) Shares Gap Down - What's Next?

Key Points

• AnaptysBio shares gapped down at the open, falling from a prior close of $62.51 to an opening price of $60.65 and trading as low as $56.13 intraday.
• Analyst sentiment remains mostly positive, with 10 Buy ratings, 2 Hold ratings, and 1 Sell rating; the consensus price target is $81.82, though some firms recently trimmed targets or downgraded the stock.
• Recent earnings were mixed: the company reported a larger-than-expected loss of $1.84 per share, but revenue of $25.56 million came in above analyst estimates.

Shares of AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $62.51, but opened at $60.65. AnaptysBio shares last traded at $56.1260, with a volume of 135,970 shares.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ANAB. Leerink Partners set a $90.00 price target on shares of AnaptysBio in a report on Friday, May 15th. Weiss Ratings downgraded AnaptysBio from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, May 13th. Piper Sandler lowered their target price on AnaptysBio from $95.00 to $93.00 and set an "overweight" rating on the stock in a research note on Monday, May 4th. Wall Street Zen cut AnaptysBio from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Barclays boosted their price target on AnaptysBio from $63.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, May 13th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $81.82.

AnaptysBio Stock Performance

The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -52.01 and a beta of 0.68. The firm has a fifty day moving average price of $60.21 and a 200-day moving average price of $57.23.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last posted its quarterly earnings results on Tuesday, May 12th. The biotechnology company reported ($1.84) EPS for the quarter, missing analysts' consensus estimates of ($0.64) by ($1.20). The company had revenue of $25.56 million during the quarter, compared to analyst estimates of $18.86 million. On average, sell-side analysts forecast that AnaptysBio, Inc. will post -1.35 EPS for the current fiscal year.

AnaptysBio declared that its Board of Directors has approved a stock repurchase plan on Friday, March 27th that permits the company to repurchase $100,000.00 billion in shares. This repurchase authorization permits the biotechnology company to purchase up to 5,352,316.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Institutional Trading of AnaptysBio

Several large investors have recently made changes to their positions in ANAB. Smartleaf Asset Management LLC raised its position in AnaptysBio by 5,864.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 835 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 821 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of AnaptysBio by 54.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,340 shares of the biotechnology company's stock valued at $41,000 after purchasing an additional 473 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of AnaptysBio by 175.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,164 shares of the biotechnology company's stock valued at $48,000 after purchasing an additional 1,377 shares during the last quarter. Osaic Holdings Inc. increased its stake in shares of AnaptysBio by 11,630.0% in the 2nd quarter. Osaic Holdings Inc. now owns 2,346 shares of the biotechnology company's stock valued at $52,000 after purchasing an additional 2,326 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of AnaptysBio by 24.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,345 shares of the biotechnology company's stock worth $65,000 after buying an additional 263 shares in the last quarter.

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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