AnaptysBio (NASDAQ:ANAB) Shares Gap Up Following Strong Earnings

Shares of AnaptysBio, Inc. (NASDAQ:ANAB) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $19.88, but opened at $22.21. AnaptysBio shares last traded at $21.23, with a volume of 41,187 shares trading hands.

The biotechnology company reported ($1.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.72) by $0.58. The company had revenue of $30.02 million during the quarter, compared to analysts’ expectations of $7.92 million. AnaptysBio had a negative return on equity of 255.68% and a negative net margin of 558.25%.

Analysts Set New Price Targets

A number of research firms have issued reports on ANAB. JPMorgan Chase & Co. upped their price target on shares of AnaptysBio from $69.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Truist Financial raised their target price on AnaptysBio from $20.00 to $30.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Guggenheim upped their price target on AnaptysBio from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Wedbush reissued an “outperform” rating and issued a $42.00 price objective on shares of AnaptysBio in a research report on Wednesday. Finally, HC Wainwright dropped their target price on shares of AnaptysBio from $55.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $55.45.

Insider Activity

In other AnaptysBio news, major shareholder Ecor1 Capital, Llc purchased 273,972 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $36.50 per share, for a total transaction of $9,999,978.00. Following the completion of the purchase, the insider now directly owns 7,794,996 shares in the company, valued at approximately $284,517,354. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Ecor1 Capital, Llc acquired 273,972 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $36.50 per share, with a total value of $9,999,978.00. Following the completion of the acquisition, the insider now owns 7,794,996 shares in the company, valued at $284,517,354. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul F. Lizzul sold 1,500 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $38.67, for a total transaction of $58,005.00. Following the completion of the sale, the insider now directly owns 15,398 shares in the company, valued at approximately $595,440.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,440 shares of company stock worth $892,936. Corporate insiders own 33.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Frazier Life Sciences Management L.P. lifted its position in AnaptysBio by 140.7% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,165,591 shares of the biotechnology company’s stock worth $54,270,000 after buying an additional 1,265,891 shares in the last quarter. StemPoint Capital LP lifted its position in shares of AnaptysBio by 499.0% during the first quarter. StemPoint Capital LP now owns 269,548 shares of the biotechnology company’s stock worth $6,070,000 after purchasing an additional 224,548 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of AnaptysBio by 677.9% during the third quarter. Victory Capital Management Inc. now owns 237,250 shares of the biotechnology company’s stock valued at $7,948,000 after purchasing an additional 206,750 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of AnaptysBio by 55.1% in the third quarter. Assenagon Asset Management S.A. now owns 475,446 shares of the biotechnology company’s stock valued at $15,927,000 after purchasing an additional 168,813 shares in the last quarter. Finally, Platinum Investment Management Ltd. acquired a new stake in shares of AnaptysBio in the 1st quarter valued at $1,490,000.

AnaptysBio Stock Up 11.7 %

The company has a market cap of $609.31 million, a P/E ratio of -3.50 and a beta of -0.24. The business has a 50-day moving average price of $33.30 and a two-hundred day moving average price of $29.89.

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.