AnaptysBio (NASDAQ:ANAB) Stock Price Down 7% – Here’s What Happened

AnaptysBio, Inc. (NASDAQ:ANAB)’s stock price was down 7% during trading on Tuesday . The stock traded as low as $65.76 and last traded at $64.8960. 183,360 shares traded hands during trading, a decline of 76% from the average session volume of 748,869 shares. The stock had previously closed at $69.81.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ANAB shares. Wall Street Zen downgraded AnaptysBio from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 16th. Barclays boosted their price target on AnaptysBio from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Piper Sandler decreased their price objective on AnaptysBio from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Truist Financial raised shares of AnaptysBio to a “hold” rating in a research note on Wednesday, March 25th. Finally, UBS Group increased their target price on shares of AnaptysBio from $60.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.82.

AnaptysBio Price Performance

The company has a market cap of $1.65 billion, a PE ratio of -51.68 and a beta of 0.68. The company’s 50 day simple moving average is $59.98 and its two-hundred day simple moving average is $57.27.

AnaptysBio (NASDAQ:ANAB) last posted its quarterly earnings data on Tuesday, May 12th. The biotechnology company reported ($1.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($1.20). The company had revenue of $25.56 million for the quarter, compared to analysts’ expectations of $18.86 million. Sell-side analysts expect that AnaptysBio, Inc. will post -1.35 EPS for the current fiscal year.

AnaptysBio declared that its board has approved a share repurchase program on Friday, March 27th that permits the company to buyback $100,000.00 billion in outstanding shares. This buyback authorization permits the biotechnology company to purchase up to 5,352,316.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On AnaptysBio

A number of institutional investors have recently modified their holdings of ANAB. Affinity Asset Advisors LLC lifted its position in shares of AnaptysBio by 111.4% during the first quarter. Affinity Asset Advisors LLC now owns 940,000 shares of the biotechnology company’s stock worth $52,132,000 after purchasing an additional 495,308 shares in the last quarter. Bank of America Corp DE increased its stake in AnaptysBio by 283.2% during the 1st quarter. Bank of America Corp DE now owns 501,086 shares of the biotechnology company’s stock worth $27,790,000 after buying an additional 370,319 shares during the period. JPMorgan Chase & Co. increased its stake in AnaptysBio by 1,631.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 247,625 shares of the biotechnology company’s stock worth $5,497,000 after buying an additional 233,325 shares during the period. Voloridge Investment Management LLC lifted its holdings in AnaptysBio by 2,358.3% during the 4th quarter. Voloridge Investment Management LLC now owns 229,137 shares of the biotechnology company’s stock worth $11,109,000 after buying an additional 219,816 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in AnaptysBio by 145.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 370,458 shares of the biotechnology company’s stock valued at $11,343,000 after buying an additional 219,648 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.