AnaptysBio (NASDAQ:ANAB) Trading Down 7.7% After Earnings Miss

Key Points

• AnaptysBio shares fell 7.7% after the company reported disappointing quarterly results, with earnings per share of ($1.84) versus the consensus estimate of ($0.64).
• Despite the earnings miss, the company posted revenue of $25.56 million, which beat analyst expectations of $18.86 million.
• Analysts remain broadly constructive on the stock, with a Moderate Buy consensus and an average price target of $78.73, even as some insiders recently sold shares.

Shares of AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) were down 7.7% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $57.85 and last traded at $60.5570. Approximately 116,493 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 807,708 shares. The stock had previously closed at $65.58.

The biotechnology company reported ($1.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($1.20). AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%.The business had revenue of $25.56 million for the quarter, compared to analyst estimates of $18.86 million.

AnaptysBio announced that its Board of Directors has authorized a share repurchase plan on Friday, March 27th that authorizes the company to buyback $100,000.00 billion in shares. This buyback authorization authorizes the biotechnology company to repurchase up to 5,352,316.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on ANAB shares. Barclays reiterated an "overweight" rating and issued a $75.00 target price on shares of AnaptysBio in a report on Wednesday. UBS Group restated a "buy" rating and set a $76.00 price target on shares of AnaptysBio in a research report on Wednesday. Wedbush lifted their price objective on AnaptysBio from $60.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, March 12th. HC Wainwright reiterated a "buy" rating and issued a $66.00 price objective on shares of AnaptysBio in a report on Monday, March 30th. Finally, Wall Street Zen raised AnaptysBio from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, AnaptysBio has a consensus rating of "Moderate Buy" and a consensus target price of $78.73.

Insider Transactions at AnaptysBio

In related news, Director John P. Schmid sold 20,645 shares of the company's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $56.11, for a total transaction of $1,158,390.95. Following the sale, the director directly owned 31,622 shares in the company, valued at approximately $1,774,310.42. This represents a 39.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel Faga sold 17,679 shares of the firm's stock in a transaction that occurred on Friday, March 27th. The shares were sold at an average price of $61.61, for a total transaction of $1,089,203.19. Following the completion of the sale, the chief executive officer directly owned 495,965 shares in the company, valued at approximately $30,556,403.65. This trade represents a 3.44% decrease in their position. The SEC filing for this sale provides additional information. 33.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its holdings in shares of AnaptysBio by 5,864.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 835 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 821 shares in the last quarter. Larson Financial Group LLC increased its holdings in AnaptysBio by 54.6% in the third quarter. Larson Financial Group LLC now owns 1,340 shares of the biotechnology company's stock valued at $41,000 after buying an additional 473 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in AnaptysBio by 24.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,345 shares of the biotechnology company's stock valued at $65,000 after buying an additional 263 shares during the last quarter. Bessemer Group Inc. raised its stake in AnaptysBio by 950.0% in the third quarter. Bessemer Group Inc. now owns 1,428 shares of the biotechnology company's stock valued at $44,000 after buying an additional 1,292 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in AnaptysBio by 940.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,530 shares of the biotechnology company's stock valued at $74,000 after buying an additional 1,383 shares in the last quarter.

AnaptysBio Trading Down 7.4%

The stock has a fifty day simple moving average of $62.40 and a 200-day simple moving average of $51.21. The company has a market capitalization of $1.77 billion, a PE ratio of -116.22 and a beta of 0.79.

AnaptysBio Company Profile

AnaptysBio, Inc is a clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation. Founded in 2012 and headquartered in San Diego, California, AnaptysBio leverages a proprietary somatic hypermutation platform to rapidly generate and refine human antibodies with optimized efficacy and safety profiles. The company's technology is designed to accelerate target validation and candidate selection across a range of immune-mediated conditions.

The company's pipeline includes multiple clinical-stage programs addressing dermatological and inflammatory disorders.

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