Wells Fargo & Company Cuts AnaptysBio (NASDAQ:ANAB) Price Target to $40.00

AnaptysBio (NASDAQ:ANAB) had its price target lowered by Wells Fargo & Company from $56.00 to $40.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biotechnology company’s stock.

Other research analysts also recently issued research reports about the company. HC Wainwright downgraded AnaptysBio from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $19.00 in a report on Wednesday. BTIG Research lowered shares of AnaptysBio from a “buy” rating to a “neutral” rating in a research note on Monday, December 2nd. Wedbush restated an “outperform” rating and issued a $40.00 price objective (down previously from $42.00) on shares of AnaptysBio in a research note on Wednesday. UBS Group boosted their target price on AnaptysBio from $23.00 to $33.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Truist Financial boosted their price objective on AnaptysBio from $20.00 to $30.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, AnaptysBio currently has a consensus rating of “Moderate Buy” and an average price target of $45.09.

AnaptysBio Stock Performance

ANAB stock opened at $15.59 on Thursday. AnaptysBio has a fifty-two week low of $14.20 and a fifty-two week high of $41.31. The company’s 50 day moving average price is $25.56 and its 200 day moving average price is $29.43. The firm has a market capitalization of $474.40 million, a price-to-earnings ratio of -2.56 and a beta of -0.11.

AnaptysBio (NASDAQ:ANAB) last announced its quarterly earnings data on Tuesday, November 5th. The biotechnology company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.72) by $0.58. The business had revenue of $30.02 million for the quarter, compared to analyst estimates of $7.92 million. AnaptysBio had a negative net margin of 289.75% and a negative return on equity of 287.94%. Equities analysts forecast that AnaptysBio will post -6.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other AnaptysBio news, CFO Dennis Mulroy sold 12,220 shares of AnaptysBio stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $39.91, for a total transaction of $487,700.20. Following the sale, the chief financial officer now directly owns 4,744 shares in the company, valued at $189,333.04. The trade was a 72.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul F. Lizzul sold 1,500 shares of AnaptysBio stock in a transaction on 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 owns 15,398 shares of the company’s stock, valued at approximately $595,440.66. This trade represents a 8.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,440 shares of company stock valued at $892,936 in the last ninety days. Insiders own 33.70% of the company’s stock.

Hedge Funds Weigh In On AnaptysBio

A number of hedge funds have recently added to or reduced their stakes in ANAB. Rhumbline Advisers lifted its stake in shares of AnaptysBio by 1.8% in the 2nd quarter. Rhumbline Advisers now owns 29,715 shares of the biotechnology company’s stock worth $745,000 after acquiring an additional 525 shares during the period. Algert Global LLC lifted its holdings in shares of AnaptysBio by 11.8% in the second quarter. Algert Global LLC now owns 10,178 shares of the biotechnology company’s stock valued at $255,000 after purchasing an additional 1,078 shares in the last quarter. nVerses Capital LLC boosted its position in AnaptysBio by 700.0% during the 3rd quarter. nVerses Capital LLC now owns 1,600 shares of the biotechnology company’s stock worth $54,000 after acquiring an additional 1,400 shares during the period. Values First Advisors Inc. acquired a new stake in shares of AnaptysBio during the third quarter worth approximately $49,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of AnaptysBio by 81.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,808 shares of the biotechnology company’s stock valued at $195,000 after acquiring an additional 2,600 shares in the last quarter.

AnaptysBio Company Profile

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.