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

Key Points

• AnaptysBio's stock price surged from a previous close of $23.27 to an opening price of $25.66 after HC Wainwright raised its price target from $38 to $59 and maintained a buy rating.
• Analysts' ratings for AnaptysBio vary, with one Strong Buy, six Buy ratings, and three Hold ratings, leading to an average price target of $48.75.
• The company reported a quarterly earnings result of ($1.34) per share, surpassing consensus estimates, and generated $22.26 million in revenue, significantly exceeding expectations of $11.55 million.

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) gapped up prior to trading on Tuesday after HC Wainwright raised their price target on the stock from $38.00 to $59.00. The stock had previously closed at $23.27, but opened at $25.66. HC Wainwright currently has a buy rating on the stock. AnaptysBio shares last traded at $30.58, with a volume of 247,186 shares trading hands.

ANAB has been the topic of several other reports. UBS Group reiterated a "neutral" rating and set a $20.00 target price (up from $18.00) on shares of AnaptysBio in a report on Tuesday, August 12th. JPMorgan Chase & Co. increased their target price on shares of AnaptysBio from $42.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $45.00 price target on shares of AnaptysBio in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $48.75.

Insider Transactions at AnaptysBio

In other AnaptysBio news, Director Hollings Renton sold 20,925 shares of AnaptysBio stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $23.57, for a total value of $493,202.25. Following the completion of the transaction, the director owned 4,965 shares of the company's stock, valued at approximately $117,025.05. The trade was a 80.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 33.50% of the company's stock.

Institutional Investors Weigh In On AnaptysBio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Light Asset Management LLC lifted its position in 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 worth $86,139,000 after buying an additional 3,764,720 shares in the last quarter. Caption Management LLC boosted its position in shares of AnaptysBio by 106.3% during the 1st quarter. Caption Management LLC now owns 23,376 shares of the biotechnology company's stock valued at $435,000 after acquiring an additional 394,634 shares during the last quarter. Woodline Partners LP increased its position in AnaptysBio by 63.1% during the first quarter. Woodline Partners LP now owns 791,023 shares of the biotechnology company's stock worth $14,705,000 after purchasing an additional 305,950 shares during the last quarter. 683 Capital Management LLC raised its stake in AnaptysBio by 155.6% during the second quarter. 683 Capital Management LLC now owns 500,000 shares of the biotechnology company's stock worth $11,100,000 after purchasing an additional 304,373 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of AnaptysBio by 1,631.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 247,625 shares of the biotechnology company's stock valued at $5,497,000 after buying an additional 233,325 shares during the period.

AnaptysBio Price Performance

The stock has a market capitalization of $887.88 million, a price-to-earnings ratio of -7.09 and a beta of -0.19. The business has a fifty day moving average of $22.07 and a 200 day moving average of $21.50.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported ($1.34) earnings per share for the quarter, topping analysts' consensus estimates of ($1.50) by $0.16. AnaptysBio had a negative return on equity of 366.98% and a negative net margin of 107.66%.The business had revenue of $22.26 million during the quarter, compared to analysts' expectations of $11.55 million. On average, equities research analysts expect that AnaptysBio, Inc. will post -6.08 EPS for the current year.

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.

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