AnaptysBio (NASDAQ:ANAB) Shares Gap Up After Analyst Upgrade

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report)'s stock price gapped up before the market opened on Wednesday after Guggenheim raised their price target on the stock from $54.00 to $90.00. The stock had previously closed at $20.13, but opened at $21.14. Guggenheim currently has a buy rating on the stock. AnaptysBio shares last traded at $22.10, with a volume of 190,490 shares.

Several other analysts have also recently weighed in on ANAB. Wolfe Research initiated coverage on AnaptysBio in a report on Tuesday, February 4th. They set an "outperform" rating and a $25.00 price target on the stock. Wells Fargo & Company boosted their price target on AnaptysBio from $40.00 to $51.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Wedbush restated an "outperform" rating and set a $40.00 price target on shares of AnaptysBio in a report on Thursday, May 1st. HC Wainwright restated a "neutral" rating and set a $22.00 price target on shares of AnaptysBio in a report on Tuesday, March 4th. Finally, Johnson Rice reiterated a "buy" rating on shares of AnaptysBio in a report on Wednesday, March 26th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.38.

Institutional Trading of AnaptysBio

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in AnaptysBio by 0.8% in the fourth quarter. Wellington Management Group LLP now owns 66,467 shares of the biotechnology company's stock valued at $880,000 after acquiring an additional 528 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in AnaptysBio by 11.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 6,452 shares of the biotechnology company's stock valued at $85,000 after buying an additional 644 shares during the period. Rhumbline Advisers lifted its stake in AnaptysBio by 2.7% in the first quarter. Rhumbline Advisers now owns 30,903 shares of the biotechnology company's stock valued at $574,000 after buying an additional 826 shares during the period. Virtus ETF Advisers LLC lifted its stake in AnaptysBio by 24.7% in the fourth quarter. Virtus ETF Advisers LLC now owns 4,733 shares of the biotechnology company's stock valued at $63,000 after buying an additional 936 shares during the period. Finally, US Bancorp DE lifted its stake in AnaptysBio by 126.5% in the first quarter. US Bancorp DE now owns 1,753 shares of the biotechnology company's stock valued at $33,000 after buying an additional 979 shares during the period.

AnaptysBio Stock Up 4.5%

The company has a 50 day simple moving average of $19.50 and a 200-day simple moving average of $18.24. The stock has a market capitalization of $618.30 million, a price-to-earnings ratio of -3.45 and a beta of -0.20.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The biotechnology company reported ($1.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.30) by $0.02. AnaptysBio had a negative return on equity of 287.94% and a negative net margin of 289.75%. The firm had revenue of $27.77 million for the quarter, compared to analyst estimates of $15.27 million. As a group, sell-side analysts anticipate that AnaptysBio, Inc. will post -6.08 earnings per share for the current fiscal year.

AnaptysBio declared that its Board of Directors has initiated a stock buyback plan on Monday, March 24th that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the biotechnology company to repurchase up to 13.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

AnaptysBio Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.