AnaptysBio (NASDAQ:ANAB) Stock Price Up 7.6% - Here's Why

Shares of AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) rose 7.6% during trading on Wednesday . The company traded as high as $25.87 and last traded at $26.10. Approximately 210,645 shares were traded during trading, a decline of 67% from the average daily volume of 643,633 shares. The stock had previously closed at $24.25.

Wall Street Analysts Forecast Growth

ANAB has been the topic of a number of research analyst reports. Johnson Rice reissued a "buy" rating on shares of AnaptysBio in a report on Wednesday, March 26th. HC Wainwright raised shares of AnaptysBio from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $22.00 to $38.00 in a report on Wednesday, June 4th. Wedbush reissued an "outperform" rating and set a $40.00 price objective on shares of AnaptysBio in a report on Thursday, May 29th. Finally, Guggenheim reissued a "buy" rating and set a $90.00 price objective (up previously from $54.00) on shares of AnaptysBio in a report on Wednesday, May 28th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, AnaptysBio currently has an average rating of "Moderate Buy" and a consensus target price of $42.38.

AnaptysBio Stock Up 6.1%

The company has a market cap of $756.24 million, a PE ratio of -5.31 and a beta of -0.27. The firm's fifty day simple moving average is $22.04 and its 200-day simple moving average is $18.74.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $27.77 million for the quarter, compared to the consensus estimate of $15.27 million. AnaptysBio had a negative net margin of 125.70% and a negative return on equity of 282.47%. On average, analysts predict that AnaptysBio, Inc. will post -6.08 earnings per share for the current year.

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

Insider Activity

In related news, Director Hollings Renton sold 20,925 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $23.57, for a total transaction of $493,202.25. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 33.50% of the company's stock.

Hedge Funds Weigh In On AnaptysBio

Institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE increased its position in AnaptysBio by 126.5% during 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 last quarter. Farther Finance Advisors LLC raised its stake in AnaptysBio by 9,778.9% during the first quarter. Farther Finance Advisors LLC now owns 1,877 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 1,858 shares during the period. Tower Research Capital LLC TRC raised its stake in AnaptysBio by 131.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,697 shares of the biotechnology company's stock worth $36,000 after purchasing an additional 1,531 shares during the period. KLP Kapitalforvaltning AS purchased a new position in AnaptysBio during the fourth quarter worth approximately $40,000. Finally, AlphaQuest LLC raised its stake in AnaptysBio by 1,891.5% during the fourth quarter. AlphaQuest LLC now owns 4,461 shares of the biotechnology company's stock worth $59,000 after purchasing an additional 4,237 shares during the period.

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.

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