AnaptysBio (NASDAQ:ANAB) Trading 5.9% Higher – Should You Buy?

AnaptysBio, Inc. (NASDAQ:ANAB)’s share price rose 5.9% during mid-day trading on Tuesday . The stock traded as high as $66.58 and last traded at $65.9640. 321,154 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 749,931 shares. The stock had previously closed at $62.31.

Wall Street Analyst Weigh In

ANAB has been the topic of several research reports. Piper Sandler dropped their price objective on shares of AnaptysBio from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Zacks Research lowered shares of AnaptysBio from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 2nd. Weiss Ratings cut AnaptysBio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. HC Wainwright started coverage on AnaptysBio in a research note on Wednesday, June 10th. They issued a “buy” rating and a $95.00 price target on the stock. Finally, UBS Group raised their price objective on 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 issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, AnaptysBio presently has an average rating of “Moderate Buy” and an average target price of $81.82.

AnaptysBio Stock Performance

The company’s 50-day moving average is $60.03 and its 200 day moving average is $56.49. The company has a market capitalization of $2.02 billion, a PE ratio of -63.43 and a beta of 0.68.

AnaptysBio (NASDAQ:ANAB) last issued its earnings results on Tuesday, May 12th. The biotechnology company reported ($1.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($1.20). The business had revenue of $25.56 million for the quarter, compared to analyst estimates of $18.86 million. On average, analysts forecast that AnaptysBio, Inc. will post -1.35 EPS for the current fiscal year.

AnaptysBio announced that its Board of Directors has authorized a stock buyback plan on Friday, March 27th that permits the company to buyback $100,000.00 billion in shares. This buyback authorization permits the biotechnology company to reacquire up to 5,352,316.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On AnaptysBio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allen Capital Group LLC purchased a new stake in AnaptysBio during the 1st quarter valued at $229,000. Bank of America Corp DE lifted its holdings in shares of AnaptysBio by 283.2% during the first quarter. Bank of America Corp DE now owns 501,086 shares of the biotechnology company’s stock valued at $27,790,000 after purchasing an additional 370,319 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in shares of AnaptysBio during the first quarter valued at $205,000. Royal Bank of Canada boosted its position in shares of AnaptysBio by 145.6% during the first quarter. Royal Bank of Canada now owns 4,219 shares of the biotechnology company’s stock valued at $234,000 after buying an additional 2,501 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of AnaptysBio by 78.9% during the first quarter. The Manufacturers Life Insurance Company now owns 10,166 shares of the biotechnology company’s stock valued at $564,000 after buying an additional 4,484 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.