AnaptysBio (NASDAQ:ANAB) Shares Gap Down - Here's What Happened

Key Points

• AnaptysBio shares opened sharply lower, falling from the prior close of $47.77 to $45.27; they were last quoted at $46.12, down 1.6%.
• The company reported quarterly EPS of $0.11, beating analyst expectations of a $1.84 loss, while revenue of $30.27 million also topped estimates of $25.56 million.
• Analyst views remain broadly positive, with a consensus “Moderate Buy” rating and $75.67 average price target, though some firms recently cut targets or downgraded the stock.

AnaptysBio, Inc. (NASDAQ:ANAB - Get Free Report) shares gapped down before the market opened on Friday. The stock had previously closed at $47.77, but opened at $45.27. AnaptysBio shares last traded at $46.1150, with a volume of 42,460 shares trading hands.

Analysts Set New Price Targets

ANAB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on shares of AnaptysBio from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, September 30th. Wolfe Research reiterated an "outperform" rating and set a $78.00 price objective on shares of AnaptysBio in a report on Monday, August 31st. Leerink Partners decreased their price objective on shares of AnaptysBio from $90.00 to $81.00 and set an "outperform" rating for the company in a report on Wednesday, September 23rd. Scotiabank downgraded shares of AnaptysBio to a "hold" rating and set a $70.00 target price on the stock. in a research note on Tuesday, August 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $95.00 target price on shares of AnaptysBio in a research report on Tuesday, September 22nd. Twelve investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.67.

AnaptysBio Stock Down 1.6%

The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 8.74 and a beta of 0.70. The company's 50 day simple moving average is $50.01 and its two-hundred day simple moving average is $56.31.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last issued its quarterly earnings results on Thursday, November 12th. The biotechnology company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.84) by $1.95. The business had revenue of $30.27 million for the quarter, compared to analyst estimates of $25.56 million. AnaptysBio had a net margin of 82.37% and a return on equity of 112.00%. Analysts anticipate that AnaptysBio, Inc. will post -1.30 EPS for the current year.

Insider Buying and Selling at AnaptysBio

In other news, Director Hollings Renton sold 5,000 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $49.87, for a total transaction of $249,350.00. Following the sale, the director directly owned 10,995 shares of the company's stock, valued at $548,320.65. The trade was a 31.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 31.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On AnaptysBio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of AnaptysBio during the second quarter worth $124,473,000. Affinity Asset Advisors LLC boosted its position in shares of AnaptysBio by 111.4% during the 1st quarter. Affinity Asset Advisors LLC now owns 940,000 shares of the biotechnology company's stock worth $52,132,000 after acquiring an additional 495,308 shares in the last quarter. Palo Alto Investors LP purchased a new position in shares of AnaptysBio in the 2nd quarter valued at about $40,735,508. First Light Asset Management LLC increased its holdings in shares of AnaptysBio by 2.9% in the 2nd quarter. First Light Asset Management LLC now owns 582,004 shares of the biotechnology company's stock valued at $39,285,000 after acquiring an additional 16,573 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of AnaptysBio in the 2nd quarter valued at about $28,202,000.

About AnaptysBio

AnaptysBio is a biotechnology company focused on developing antibody-based treatments for inflammatory and autoimmune diseases. Its research programs target immune pathways that may be involved in conditions with significant unmet medical needs. The company's pipeline has included rosnilimab, an investigational antibody designed to activate the PD-1 pathway, and ANB032, an investigational antibody targeting BTLA. AnaptysBio has also developed imsidolimab, an antibody targeting the IL-36 receptor; global rights to that program were licensed to Vanda Pharmaceuticals.

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