Skin Disease-Focused AnaptysBio Earns Analyst Upgrade On Positive Outlook For Clinical Triggers

Monday, AnaptysBio Inc ANAB reported a fourth-quarter 2023 EPS of $(1.59), slightly better than the consensus of $(1.60).

The company reported sales of $9.01 million, surpassing the consensus of $2.23 million.

The company’s year-end 2023 cash and investments of $417 million are expected to provide a cash runway through year-end 2026.

Wedbush upgraded AnaptysBio, anticipating that a sequence of derivative developments and the company’s internal clinical triggers will boost the company’s stock in the next 1-1.5 years. 

Wedbush upgrades AnaptysBio from Neutral to Outperform, with a price target of $34, up from $20.

The company maintained guidance for Phase 2 data for its ANB032 in atopic dermatitis patients and Phase 2b data for rosnilimab in rheumatoid arthritis in mid-2025, and Phase 2 results in ulcerative colitis in the first half of 2026.

Before AnaptysBio announces its results, Wedbush anticipates a significant development from its main competitor in the PD-1 agonist field, Eli Lilly And Co LLY. Eli Lilly’s peresolimab showed enhancements in ACR20 response rates and DAS28-CRP scores compared to placebo at the highest doses. 

However, there were no notable enhancements in ACR50 or ACR70 response rates, suggesting a restricted depth of response for patients individually and a potential opportunity for improvement with rosnilimab.

According to a Wedbush analyst, rosnilimab shows promising potential for top-tier effectiveness due to its targeted epitope. 

By attaching to a specific area near the cell membrane on PD-1, rosnilimab doesn’t block other signaling molecules from interacting between T cells and antigen-presenting cells. This permits the creation of a strong immune connection and ensures efficient delivery of inhibitory signals.

Price Action: ANAB shares are up 10.70% at $25.86 on the last check Tuesday.

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