AnaptysBio (NASDAQ:ANAB) Shares Up 8.9% on Analyst Upgrade

Key Points

• AnaptysBio shares surged by 8.9% after HC Wainwright upgraded their price target from $38.00 to $59.00, maintaining a buy rating on the stock.
• JPMorgan Chase significantly raised their target price from $42.00 to $80.00, with multiple analysts projecting a consensus target price of $48.75 for AnaptysBio.
• The company reported better-than-expected quarterly earnings with $22.26 million in revenue, beating estimates of $11.55 million.

Shares of AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) rose 8.9% during mid-day trading on Wednesday after HC Wainwright raised their price target on the stock from $38.00 to $59.00. HC Wainwright currently has a buy rating on the stock. AnaptysBio traded as high as $32.83 and last traded at $33.36. Approximately 336,236 shares changed hands during trading, a decline of 55% from the average daily volume of 743,077 shares. The stock had previously closed at $30.62.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. increased their target price on AnaptysBio from $42.00 to $80.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Wedbush reaffirmed an "outperform" rating and issued a $45.00 target price on shares of AnaptysBio in a research report on Tuesday. Finally, UBS Group reaffirmed a "neutral" rating and issued a $20.00 target price (up from $18.00) on shares of AnaptysBio in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, AnaptysBio presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.75.

Institutional Trading of AnaptysBio

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Light Asset Management LLC increased its position 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 worth $86,139,000 after acquiring an additional 3,764,720 shares during the last quarter. Palo Alto Investors LP increased its position in shares of AnaptysBio by 20.9% during the first quarter. Palo Alto Investors LP now owns 1,020,713 shares of the biotechnology company's stock worth $18,975,000 after acquiring an additional 176,742 shares during the last quarter. Woodline Partners LP increased its position in shares of 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 acquiring an additional 305,950 shares during the last quarter. 683 Capital Management LLC increased its position in shares of 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 acquiring an additional 304,373 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of AnaptysBio by 21.5% during the first quarter. Victory Capital Management Inc. now owns 406,430 shares of the biotechnology company's stock worth $7,556,000 after acquiring an additional 71,980 shares during the last quarter.

AnaptysBio Stock Up 7.3%

The firm has a market capitalization of $919.42 million, a price-to-earnings ratio of -7.38 and a beta of -0.19. The stock has a 50 day moving average of $22.15 and a 200 day moving average of $21.56.

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

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.

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.