AnaptysBio (NASDAQ:ANAB) Shares Up 7.6% – Here’s Why

AnaptysBio, Inc. (NASDAQ:ANAB)’s share price traded up 7.6% during mid-day trading on Monday . The company traded as high as $62.26 and last traded at $62.0740. 64,363 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 548,428 shares. The stock had previously closed at $57.68.

Analyst Ratings Changes

ANAB has been the subject of several research analyst reports. UBS Group raised their price objective on AnaptysBio from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Wedbush upped their target price on AnaptysBio from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, March 12th. Barclays raised their price target on AnaptysBio from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, March 4th. Guggenheim reaffirmed a “buy” rating on shares of AnaptysBio in a research note on Thursday, December 18th. Finally, Piper Sandler boosted their price objective on shares of AnaptysBio from $67.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.10.

AnaptysBio Trading Up 8.6%

The firm has a market capitalization of $1.80 billion, a PE ratio of -120.49 and a beta of 0.40. The firm has a 50-day moving average of $56.29 and a two-hundred day moving average of $45.03.

AnaptysBio (NASDAQ:ANAB) last announced its quarterly earnings results on Tuesday, March 3rd. The biotechnology company reported $1.58 EPS for the quarter, topping the consensus estimate of $0.89 by $0.69. AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%.The company had revenue of $108.25 million during the quarter, compared to analyst estimates of $87.09 million. Equities research analysts expect that AnaptysBio, Inc. will post -6.08 earnings per share for the current fiscal year.

AnaptysBio announced that its board has initiated a stock repurchase program on Friday, March 27th that allows the company to repurchase $100,000.00 billion in shares. This repurchase authorization allows the biotechnology company to reacquire up to 5,352,316.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Magda Marquet sold 11,000 shares of the firm’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $48.23, for a total transaction of $530,530.00. Following the sale, the director directly owned 9,930 shares in the company, valued at approximately $478,923.90. This trade represents a 52.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Dennis Mulroy sold 2,515 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $44.71, for a total value of $112,445.65. Following the completion of the transaction, the chief financial officer owned 21,852 shares of the company’s stock, valued at approximately $977,002.92. This represents a 10.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,964 shares of company stock worth $5,372,220 in the last quarter. Insiders own 33.50% of the company’s stock.

Institutional Investors Weigh In On AnaptysBio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in AnaptysBio by 4,852.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 839,934 shares of the biotechnology company’s stock valued at $25,719,000 after buying an additional 822,975 shares during the last quarter. Affinity Asset Advisors LLC purchased a new position in AnaptysBio in the fourth quarter valued at about $21,559,000. 683 Capital Management LLC grew its stake in AnaptysBio by 155.6% during the 2nd quarter. 683 Capital Management LLC now owns 500,000 shares of the biotechnology company’s stock valued at $11,100,000 after purchasing an additional 304,373 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 purchasing an additional 233,325 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in shares of AnaptysBio by 2,358.3% during the 4th quarter. Voloridge Investment Management LLC now owns 229,137 shares of the biotechnology company’s stock valued at $11,109,000 after buying an additional 219,816 shares during the last quarter.

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.