AnaptysBio (NASDAQ:ANAB) Price Target Raised to $75.00

AnaptysBio (NASDAQ:ANAB) had its target price increased by Wedbush from $60.00 to $75.00 in a report published on Thursday,Benzinga reports. Wedbush currently has an outperform rating on the biotechnology company’s stock.

ANAB has been the subject of several other reports. UBS Group initiated coverage on AnaptysBio in a research note on Wednesday, January 7th. They issued a “buy” rating and a $70.00 price objective for the company. Wall Street Zen cut shares of AnaptysBio from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Truist Financial upped their target price on shares of AnaptysBio from $36.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, March 6th. Stifel Nicolaus increased their target price on shares of AnaptysBio from $56.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, Guggenheim reissued a “buy” rating on shares of AnaptysBio in a research note on Thursday, December 18th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.22.

AnaptysBio Trading Up 1.6%

NASDAQ:ANAB opened at $64.81 on Thursday. AnaptysBio has a 12 month low of $15.32 and a 12 month high of $66.66. The stock has a 50 day moving average of $51.75 and a two-hundred day moving average of $40.66. The firm has a market cap of $1.86 billion, a P/E ratio of -124.63 and a beta of 0.32.

AnaptysBio (NASDAQ:ANAB) last announced its earnings results on Tuesday, March 3rd. The biotechnology company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.69. The business had revenue of $108.25 million during the quarter, compared to analysts’ expectations of $87.09 million. AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%. On average, research analysts forecast that AnaptysBio will post -6.08 earnings per share for the current year.

AnaptysBio declared that its board has authorized a stock repurchase plan on Friday, November 21st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the biotechnology company to purchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Dennis Mulroy sold 2,515 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $44.71, for a total transaction of $112,445.65. Following the completion of the sale, the chief financial officer owned 21,852 shares in the company, valued at $977,002.92. This trade represents a 10.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul F. Lizzul sold 3,650 shares of AnaptysBio stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $44.71, for a total transaction of $163,191.50. Following the sale, the insider directly owned 42,088 shares in the company, valued at approximately $1,881,754.48. The trade was a 7.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 156,280 shares of company stock worth $7,254,939. 33.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AnaptysBio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its stake in AnaptysBio by 4,852.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 839,934 shares of the biotechnology company’s stock worth $25,719,000 after acquiring an additional 822,975 shares in the last quarter. Affinity Asset Advisors LLC purchased a new position in AnaptysBio during the 4th quarter valued at about $21,559,000. 683 Capital Management LLC grew its position in AnaptysBio by 155.6% in the 2nd quarter. 683 Capital Management LLC now owns 500,000 shares of the biotechnology company’s stock valued at $11,100,000 after acquiring an additional 304,373 shares in the last quarter. JPMorgan Chase & Co. grew its position in AnaptysBio by 1,631.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 247,625 shares of the biotechnology company’s stock valued at $5,497,000 after acquiring an additional 233,325 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its stake in AnaptysBio by 2,358.3% during the fourth quarter. Voloridge Investment Management LLC now owns 229,137 shares of the biotechnology company’s stock worth $11,109,000 after purchasing an additional 219,816 shares during the period.

About AnaptysBio

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.