AnaptysBio (NASDAQ:ANAB) Trading Up 5.6% - Here's What Happened

Key Points

• AnaptysBio shares rose 5.6% on Thursday, trading as high as $55.94 before closing near $55.57. Trading volume was well below average, with about 218,619 shares changing hands.
• Analyst sentiment is mixed but still leans positive, with several recent downgrades to “hold” offset by multiple buy ratings. The stock currently carries a consensus rating of “Moderate Buy” and a consensus price target of $81.82.
• Recent fundamentals were mixed: the company missed earnings estimates with a loss of $1.84 per share, but revenue of $25.56 million topped expectations. AnaptysBio also has a $100 million stock repurchase authorization, which may signal management sees the stock as undervalued.

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report)'s stock price traded up 5.6% on Thursday . The company traded as high as $55.94 and last traded at $55.5740. 218,619 shares traded hands during trading, a decline of 71% from the average daily volume of 763,288 shares. The stock had previously closed at $52.61.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ANAB shares. Zacks Research lowered shares of AnaptysBio from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 2nd. Wall Street Zen lowered AnaptysBio from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 16th. Leerink Partners set a $90.00 price target on AnaptysBio in a research report on Friday, May 15th. Truist Financial raised AnaptysBio to a "hold" rating in a report on Wednesday, March 25th. Finally, Piper Sandler reduced their price objective on AnaptysBio from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.82.

AnaptysBio Stock Up 5.7%

The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -51.42 and a beta of 0.68. The company has a 50-day moving average price of $58.71 and a 200-day moving average price of $57.43.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last posted its earnings results on Tuesday, May 12th. The biotechnology company reported ($1.84) EPS for the quarter, missing the consensus estimate of ($0.64) by ($1.20). The company had revenue of $25.56 million during the quarter, compared to analysts' expectations of $18.86 million. As a group, analysts forecast that AnaptysBio, Inc. will post -1.35 earnings per share for the current year.

AnaptysBio announced that its board has authorized a stock repurchase program on Friday, March 27th that authorizes the company to repurchase $100,000.00 billion in shares. This repurchase authorization authorizes the biotechnology company to reacquire up to 5,352,316.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On AnaptysBio

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of AnaptysBio by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 1,544,037 shares of the biotechnology company's stock worth $74,855,000 after acquiring an additional 67,048 shares during the period. State Street Corp increased its stake in shares of AnaptysBio by 20.6% during the fourth quarter. State Street Corp now owns 1,053,474 shares of the biotechnology company's stock valued at $51,072,000 after acquiring an additional 180,042 shares during the period. Affinity Asset Advisors LLC increased its stake in shares of AnaptysBio by 111.4% during the first quarter. Affinity Asset Advisors LLC now owns 940,000 shares of the biotechnology company's stock valued at $52,132,000 after acquiring an additional 495,308 shares during the period. 683 Capital Management LLC raised its holdings in AnaptysBio by 18.5% during the fourth quarter. 683 Capital Management LLC now owns 648,093 shares of the biotechnology company's stock worth $31,420,000 after purchasing an additional 101,093 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in AnaptysBio by 283.2% during the first quarter. Bank of America Corp DE now owns 501,086 shares of the biotechnology company's stock worth $27,790,000 after purchasing an additional 370,319 shares in the last quarter.

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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