Wells Fargo & Company Has Lowered Expectations for AnaptysBio (NASDAQ:ANAB) Stock Price

AnaptysBio (NASDAQ:ANAB) had its price target cut by Wells Fargo & Company from $56.00 to $40.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 156.57% from the stock’s previous close.

Other analysts have also issued reports about the stock. Wedbush reissued an “outperform” rating and set a $40.00 target price (down from $42.00) on shares of AnaptysBio in a research note on Wednesday. UBS Group increased their target price on shares of AnaptysBio from $23.00 to $33.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. HC Wainwright lowered shares of AnaptysBio from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $19.00 in a report on Wednesday. Truist Financial boosted their price target on shares of AnaptysBio from $20.00 to $30.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. cut their price target on shares of AnaptysBio from $75.00 to $66.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.09.

AnaptysBio Trading Up 3.8 %

Shares of NASDAQ:ANAB opened at $15.59 on Thursday. The company has a 50 day moving average of $25.93 and a 200-day moving average of $29.48. The firm has a market cap of $474.40 million, a P/E ratio of -2.56 and a beta of -0.11. AnaptysBio has a twelve month low of $14.20 and a twelve month high of $41.31.

AnaptysBio (NASDAQ:ANAB) last released its earnings results on Tuesday, November 5th. The biotechnology company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.72) by $0.58. AnaptysBio had a negative net margin of 289.75% and a negative return on equity of 287.94%. The business had revenue of $30.02 million during the quarter, compared to analyst estimates of $7.92 million. Equities research analysts forecast that AnaptysBio will post -6.02 EPS for the current year.

Insider Buying and Selling

In related news, CFO Dennis Mulroy sold 12,220 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $39.91, for a total transaction of $487,700.20. Following the completion of the sale, the chief financial officer now directly owns 4,744 shares of the company’s stock, valued at approximately $189,333.04. This represents a 72.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric J. Loumeau sold 8,720 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $39.82, for a total transaction of $347,230.40. Following the sale, the insider now directly owns 7,020 shares of the company’s stock, valued at approximately $279,536.40. This represents a 55.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,440 shares of company stock valued at $892,936. Company insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On AnaptysBio

Hedge funds have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. increased its position in shares of AnaptysBio by 2.0% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,209,189 shares of the biotechnology company’s stock worth $74,008,000 after purchasing an additional 43,598 shares in the last quarter. Ensign Peak Advisors Inc increased its position in shares of AnaptysBio by 74.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 75,755 shares of the biotechnology company’s stock worth $1,898,000 after purchasing an additional 32,313 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of AnaptysBio by 202.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 54,200 shares of the biotechnology company’s stock worth $1,816,000 after purchasing an additional 36,300 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of AnaptysBio by 677.9% during the 3rd quarter. Victory Capital Management Inc. now owns 237,250 shares of the biotechnology company’s stock worth $7,948,000 after purchasing an additional 206,750 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of AnaptysBio by 55.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 475,446 shares of the biotechnology company’s stock worth $15,927,000 after purchasing an additional 168,813 shares in the last quarter.

AnaptysBio Company Profile

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.