While the partnership makes sense, I agree with Sean Williams that the pps increase was overdone.
"I am, however, a bit concerned by the enormity of today's run-up considering how little is known about AnaptysBio's cancer immunotherapy pipeline. Its anti-PD-1 antibody, for example, is only in preclinical studies, and a lot can change when going from preclinical to human trials. I'm ultimately hoping for success with this partnership for Tesaro, but I feel at this level its valuation simply doesn't make much sense."
With the substantial price target upgrades just before the close yesterday and this morning you would be wise to cover whilst TSRO is still under $40, friend. The news was tremendously huge, and the upward price action on one of the worst days in the market in months proves it. Don't be stupid. COVER