AnaptysBio (NASDAQ:ANAB) to Repurchase $75.00 million in Shares

AnaptysBio (NASDAQ:ANAB) declared that its Board of Directors has initiated a share repurchase program on Monday, March 24th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization allows the biotechnology company to repurchase up to 13.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

AnaptysBio Stock Up 9.5 %

ANAB stock opened at $18.71 on Tuesday. The stock has a market capitalization of $573.78 million, a P/E ratio of -3.08 and a beta of 0.02. AnaptysBio has a 52 week low of $12.21 and a 52 week high of $41.31. The firm has a 50-day simple moving average of $16.88 and a 200-day simple moving average of $22.34.

AnaptysBio (NASDAQ:ANAB) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.72) EPS for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.89. The business had revenue of $43.11 million during the quarter, compared to analysts’ expectations of $10.17 million. AnaptysBio had a negative return on equity of 287.94% and a negative net margin of 289.75%. On average, analysts expect that AnaptysBio will post -6.08 earnings per share for the current year.

Analyst Ratings Changes

ANAB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on AnaptysBio from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Wolfe Research assumed coverage on shares of AnaptysBio in a research note on Tuesday, February 4th. They issued an “outperform” rating and a $25.00 price objective on the stock. BTIG Research cut AnaptysBio from a “buy” rating to a “neutral” rating in a report on Monday, December 2nd. Truist Financial dropped their target price on AnaptysBio from $30.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, HC Wainwright reissued a “neutral” rating and issued a $22.00 price target on shares of AnaptysBio in a report on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.11.

Insider Buying and Selling at AnaptysBio

In other AnaptysBio news, Director Ecor1 Capital, Llc bought 6,646 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were acquired at an average cost of $12.95 per share, with a total value of $86,065.70. Following the purchase, the director now directly owns 7,880,094 shares of the company’s stock, valued at $102,047,217.30. This trade represents a 0.08 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 33.70% of the stock is currently owned by insiders.

About AnaptysBio

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.