AnaptysBio (NASDAQ:ANAB) Board of Directors Declares Stock Repurchase Plan

AnaptysBio (NASDAQ:ANAB) declared that its board has initiated a stock buyback plan on Monday, March 24th, RTT News reports. The company plans to repurchase $75.00 million in outstanding shares. This repurchase authorization authorizes the biotechnology company to reacquire up to 13.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

AnaptysBio Stock Performance

ANAB stock opened at $18.19 on Thursday. The firm has a 50 day simple moving average of $17.00 and a 200 day simple moving average of $22.19. AnaptysBio has a 52 week low of $12.21 and a 52 week high of $41.31. The stock has a market cap of $557.83 million, a P/E ratio of -2.99 and a beta of 0.02.

AnaptysBio (NASDAQ:ANAB) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.89. AnaptysBio had a negative net margin of 289.75% and a negative return on equity of 287.94%. The company had revenue of $43.11 million during the quarter, compared to analyst estimates of $10.17 million. Sell-side analysts predict that AnaptysBio will post -6.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on AnaptysBio from $36.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Wedbush reiterated an “outperform” rating and issued a $40.00 price target on shares of AnaptysBio in a research report on Wednesday, February 12th. Truist Financial cut their price objective on AnaptysBio from $30.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. HC Wainwright reiterated a “neutral” rating and issued a $22.00 target price on shares of AnaptysBio in a report on Tuesday, March 4th. Finally, Wells Fargo & Company boosted their price target on shares of AnaptysBio from $40.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.11.

Insider Buying and Selling at AnaptysBio

In other news, Director Ecor1 Capital, Llc purchased 65,184 shares of AnaptysBio stock in a transaction dated Monday, December 30th. The stock was acquired at an average cost of $12.92 per share, for a total transaction of $842,177.28. Following the acquisition, the director now directly owns 7,860,180 shares in the company, valued at $101,553,525.60. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 33.70% of the company’s stock.

About AnaptysBio

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.