AnaptysBio (NASDAQ:ANAB) Stock Price Down 9.8% - Here's Why

Key Points

• AnaptysBio's stock price decreased by 9.8%, closing at $20.34, with trading volume dropping 49% compared to its average daily volume.
• Despite the decline, several analysts have upgraded their ratings for AnaptysBio, with price targets reaching as high as $90.00 and a consensus rating of "Moderate Buy."
• The biotechnology company reported a revenue of $22.26 million during the last quarter, exceeding analysts' expectations of $11.55 million, while posting a loss of ($1.34) earnings per share.

Shares of AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) fell 9.8% during trading on Thursday . The company traded as low as $20.52 and last traded at $20.34. 392,665 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 777,135 shares. The stock had previously closed at $22.54.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ANAB. JPMorgan Chase & Co. upped their price target on AnaptysBio from $42.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Guggenheim reissued a "buy" rating and set a $90.00 target price (up from $54.00) on shares of AnaptysBio in a research note on Wednesday, May 28th. HC Wainwright raised AnaptysBio from a "neutral" rating to a "buy" rating and increased their target price for the stock from $22.00 to $38.00 in a research note on Wednesday, June 4th. Finally, Wedbush increased their target price on AnaptysBio from $40.00 to $45.00 and gave the stock an "outperform" rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, AnaptysBio currently has an average rating of "Moderate Buy" and a consensus price target of $47.75.

AnaptysBio Stock Performance

The business has a 50-day simple moving average of $24.19 and a two-hundred day simple moving average of $20.45. The stock has a market cap of $588.84 million, a price-to-earnings ratio of -4.69 and a beta of -0.20.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported ($1.34) EPS for the quarter, beating the consensus estimate of ($1.50) by $0.16. The company 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%. On average, analysts expect that AnaptysBio, Inc. will post -6.08 earnings per share for the current fiscal year.

Insider Activity at AnaptysBio

In other news, Director Hollings Renton sold 20,925 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $23.57, for a total value of $493,202.25. Following the completion of the sale, the director owned 4,965 shares of the company's stock, valued at approximately $117,025.05. This represents a 80.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 33.50% of the company's stock.

Institutional Investors Weigh In On AnaptysBio

A number of large investors have recently added to or reduced their stakes in ANAB. Wellington Management Group LLP increased its position in AnaptysBio by 0.8% during the 4th quarter. Wellington Management Group LLP now owns 66,467 shares of the biotechnology company's stock worth $880,000 after buying an additional 528 shares during the period. Rhumbline Advisers increased its position in shares of AnaptysBio by 2.7% in the first quarter. Rhumbline Advisers now owns 30,903 shares of the biotechnology company's stock worth $574,000 after purchasing an additional 826 shares during the period. Virtus ETF Advisers LLC increased its position in shares of AnaptysBio by 24.7% in the fourth quarter. Virtus ETF Advisers LLC now owns 4,733 shares of the biotechnology company's stock worth $63,000 after purchasing an additional 936 shares during the period. US Bancorp DE increased its position in shares of AnaptysBio by 126.5% in the first quarter. US Bancorp DE now owns 1,753 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 979 shares during the period. Finally, Corton Capital Inc. increased its position in shares of AnaptysBio by 12.2% in the second quarter. Corton Capital Inc. now owns 12,004 shares of the biotechnology company's stock worth $266,000 after purchasing an additional 1,305 shares during the period.

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.