JPMorgan Chase & Co. Cuts AnaptysBio (NASDAQ:ANAB) Price Target to $60.00

AnaptysBio (NASDAQ:ANAB) had its target price reduced by JPMorgan Chase & Co. from $70.00 to $60.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.

ANAB has been the subject of several other reports. Leerink Partners lowered their target price on shares of AnaptysBio from $90.00 to $81.00 and set an “outperform” rating for the company in a research note on Wednesday, September 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of AnaptysBio in a research note on Friday, August 7th. TD Cowen decreased their price objective on AnaptysBio from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, August 25th. Scotiabank downgraded AnaptysBio to a “hold” rating and set a $70.00 price objective for the company. in a research report on Tuesday, August 25th. Finally, Wall Street Zen raised AnaptysBio from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.79.

AnaptysBio Trading Down 0.2%

NASDAQ:ANAB opened at $48.53 on Wednesday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 9.04 and a beta of 0.76. The company’s 50-day moving average is $55.04 and its two-hundred day moving average is $58.62. AnaptysBio has a 12-month low of $19.65 and a 12-month high of $72.36.

AnaptysBio (NASDAQ:ANAB) last issued its quarterly earnings results on Monday, September 21st. The biotechnology company reported $5.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $5.57. The business had revenue of $27.49 million during the quarter, compared to the consensus estimate of $14.06 million. AnaptysBio had a net margin of 82.37% and a return on equity of 112.00%. During the same period in the previous year, the firm posted ($1.30) earnings per share. On average, equities research analysts forecast that AnaptysBio will post -1.3 earnings per share for the current fiscal year.

Insider Transactions at AnaptysBio

In other news, Director Hollings Renton sold 5,000 shares of AnaptysBio stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $49.87, for a total transaction of $249,350.00. Following the sale, the director owned 10,995 shares in the company, valued at $548,320.65. This trade represents a 31.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 31.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in AnaptysBio during the 2nd quarter valued at approximately $124,473,000. Palo Alto Investors LP acquired a new position in shares of AnaptysBio in the 2nd quarter valued at approximately $40,735,508. Affinity Asset Advisors LLC raised its position in shares of AnaptysBio by 111.4% in the 1st quarter. Affinity Asset Advisors LLC now owns 940,000 shares of the biotechnology company’s stock valued at $52,132,000 after purchasing an additional 495,308 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of AnaptysBio during the 2nd quarter valued at approximately $28,202,000. Finally, Hsbc Holdings PLC purchased a new position in shares of AnaptysBio during the 2nd quarter valued at approximately $14,928,000.

AnaptysBio Company Profile

AnaptysBio, Inc is a clinical-stage biotechnology company focused on developing antibody-based medicines for inflammatory and autoimmune diseases. The company uses its antibody discovery and engineering capabilities to identify therapies designed to modulate immune-system targets involved in disease.

AnaptysBio’s pipeline has included rosnilimab, an investigational antibody designed to target CD200R1, a receptor involved in regulating immune-cell activity. The company has evaluated rosnilimab in inflammatory and autoimmune conditions, including rheumatoid arthritis and ulcerative colitis.