AnaptysBio (NASDAQ:ANAB) Stock Price Up 7.6% - What's Next?

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

Analyst Upgrades and Downgrades

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

AnaptysBio Stock Up 0.4%

The company has a market cap of $769.76 million, a P/E ratio of -5.40 and a beta of -0.27. The business's 50 day moving average is $22.29 and its 200 day moving average is $18.96.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported ($1.28) EPS for the quarter, topping analysts' consensus estimates of ($1.30) by $0.02. The company had revenue of $27.77 million during 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%. As a group, equities research analysts forecast that AnaptysBio, Inc. will post -6.08 EPS for the current year.

AnaptysBio announced that its board has authorized a stock repurchase plan on Monday, March 24th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the biotechnology company to reacquire up to 13.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling 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 shares were 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 $117,025.05. This represents a 80.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 33.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AnaptysBio

A number of hedge funds have recently made changes to their positions in ANAB. Charles Schwab Investment Management Inc. boosted its position in shares of AnaptysBio by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 166,054 shares of the biotechnology company's stock worth $2,199,000 after purchasing an additional 5,733 shares during the period. Victory Capital Management Inc. boosted its position in shares of AnaptysBio by 41.0% during the 4th quarter. Victory Capital Management Inc. now owns 334,450 shares of the biotechnology company's stock worth $4,428,000 after purchasing an additional 97,200 shares during the period. AlphaQuest LLC boosted its position in shares of AnaptysBio by 1,891.5% during the 4th 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. Swiss National Bank boosted its position in shares of AnaptysBio by 12.1% during the 4th quarter. Swiss National Bank now owns 29,700 shares of the biotechnology company's stock worth $393,000 after purchasing an additional 3,200 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of AnaptysBio during the 4th quarter worth approximately $40,000.

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.