Stock Buyback Plan Initiated by AnaptysBio (NASDAQ:ANAB) Board

AnaptysBio (NASDAQ:ANAB) announced that its board has authorized a stock buyback program on Friday, March 27th, RTT News reports. The company plans to repurchase $100,000.00 billion in outstanding shares. This repurchase authorization permits the biotechnology company to repurchase up to 5,352,316.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

AnaptysBio Price Performance

ANAB opened at $57.40 on Friday. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -110.38 and a beta of 0.32. The business’s 50-day moving average price is $55.30 and its two-hundred day moving average price is $43.49. AnaptysBio has a 1 year low of $15.40 and a 1 year high of $68.39.

AnaptysBio (NASDAQ:ANAB) last posted its quarterly earnings data on Tuesday, March 3rd. The biotechnology company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.69. The business had revenue of $108.25 million during the quarter, compared to the consensus estimate of $87.09 million. AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%. Sell-side analysts anticipate that AnaptysBio will post -6.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ANAB has been the subject of several research analyst reports. Stifel Nicolaus boosted their price target on shares of AnaptysBio from $56.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Truist Financial upgraded AnaptysBio to a “hold” rating in a report on Wednesday. Wall Street Zen cut AnaptysBio from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. UBS Group increased their price target on AnaptysBio from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Finally, Barclays raised their price target on AnaptysBio from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 4th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.44.

Insiders Place Their Bets

In related news, CEO Daniel Faga sold 15,309 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $43.26, for a total transaction of $662,267.34. Following the completion of the transaction, the chief executive officer directly owned 458,139 shares of the company’s stock, valued at approximately $19,819,093.14. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Dennis Mulroy sold 3,363 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $43.26, for a total value of $145,483.38. Following the transaction, the chief financial officer directly owned 14,330 shares in the company, valued at $619,915.80. This trade represents a 19.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 92,514 shares of company stock valued at $4,243,935 in the last quarter. Company insiders own 33.50% of the company’s stock.

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.