AnaptysBio (NASDAQ:ANAB) Shares Gap Up - Time to Buy?

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $23.52, but opened at $24.64. AnaptysBio shares last traded at $21.86, with a volume of 257,491 shares trading hands.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wedbush reiterated an "outperform" rating and issued a $40.00 target price on shares of AnaptysBio in a report on Thursday, May 29th. Guggenheim reiterated a "buy" rating and issued a $90.00 target price (up from $54.00) on shares of AnaptysBio in a report on Wednesday, May 28th. Johnson Rice reiterated a "buy" rating on shares of AnaptysBio in a report on Wednesday, March 26th. Wells Fargo & Company boosted their target price on shares of AnaptysBio from $40.00 to $51.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of AnaptysBio from $36.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $42.38.

AnaptysBio Stock Performance

The firm's 50 day moving average is $19.95 and its two-hundred day moving average is $18.31. The stock has a market capitalization of $621.09 million, a PE ratio of -3.48 and a beta of -0.20.

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

AnaptysBio announced that its Board of Directors has authorized a stock repurchase program on Monday, March 24th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the biotechnology company to purchase up to 13.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On AnaptysBio

Several large investors have recently added to or reduced their stakes in ANAB. Rhumbline Advisers increased its position in shares of AnaptysBio by 2.7% in the 1st quarter. Rhumbline Advisers now owns 30,903 shares of the biotechnology company's stock valued at $574,000 after purchasing an additional 826 shares during the last quarter. Woodline Partners LP increased its position in shares of AnaptysBio by 63.1% in the 1st quarter. Woodline Partners LP now owns 791,023 shares of the biotechnology company's stock valued at $14,705,000 after purchasing an additional 305,950 shares during the last quarter. Exome Asset Management LLC purchased a new stake in shares of AnaptysBio in the 1st quarter valued at approximately $2,168,000. Granahan Investment Management LLC increased its position in shares of AnaptysBio by 38.1% in the 1st quarter. Granahan Investment Management LLC now owns 146,491 shares of the biotechnology company's stock valued at $2,723,000 after purchasing an additional 40,412 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of AnaptysBio by 153.3% in the 1st quarter. AQR Capital Management LLC now owns 30,011 shares of the biotechnology company's stock valued at $558,000 after purchasing an additional 18,165 shares during the last quarter.

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.