AnaptysBio (NASDAQ:ANAB) Shares Gap Up After Better-Than-Expected Earnings

AnaptysBio, Inc. (NASDAQ:ANAB)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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 business had revenue of $30.02 million for the quarter, compared to the consensus estimate of $7.92 million. AnaptysBio had a negative return on equity of 255.68% and a negative net margin of 558.25%.

Analyst Upgrades and Downgrades

ANAB has been the subject of a number of recent research reports. Wedbush restated an “outperform” rating and issued a $42.00 target price on shares of AnaptysBio in a research note on Wednesday. Guggenheim raised their price objective on shares of AnaptysBio from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, October 21st. HC Wainwright decreased 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. Truist Financial increased their price target on shares of AnaptysBio from $20.00 to $30.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price objective on AnaptysBio from $69.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.45.

Insider Activity

In related news, major shareholder Ecor1 Capital, Llc bought 273,972 shares of AnaptysBio stock in a transaction dated Wednesday, August 14th. The shares were bought at an average cost of $36.50 per share, for a total transaction of $9,999,978.00. Following the completion of the transaction, the insider now owns 7,794,996 shares of the company’s stock, valued at approximately $284,517,354. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other AnaptysBio news, CFO Dennis Mulroy sold 12,220 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Ecor1 Capital, Llc bought 273,972 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average price of $36.50 per share, for a total transaction of $9,999,978.00. Following the completion of the transaction, the insider now owns 7,794,996 shares in the company, valued at approximately $284,517,354. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 22,440 shares of company stock worth $892,936. 33.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AnaptysBio

Institutional investors and hedge funds have recently modified their holdings of the business. Ensign Peak Advisors Inc increased its holdings in AnaptysBio by 74.4% in the second quarter. Ensign Peak Advisors Inc now owns 75,755 shares of the biotechnology company’s stock valued at $1,898,000 after purchasing an additional 32,313 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of AnaptysBio in the 1st quarter valued at about $420,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of AnaptysBio in the 1st quarter valued at approximately $1,221,000. Assenagon Asset Management S.A. raised its position in shares of AnaptysBio by 55.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 475,446 shares of the biotechnology company’s stock valued at $15,927,000 after acquiring an additional 168,813 shares during the period. Finally, Alpha DNA Investment Management LLC bought a new position in shares of AnaptysBio during the second quarter worth $399,000.

AnaptysBio Price Performance

The firm’s fifty day moving average price is $33.00 and its 200-day moving average price is $29.83.

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.