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HC Wainwright Sees 40% Upside For This Once Battered Stock With Pipeline Turnaround

·1 min read
  • HC Wainwright is assuming coverage on AnaptysBio Inc (NASDAQ: ANAB) with a Buy Rating and a price target of $35 at a unique inflection point since it was founded in 2005.

  • The company's lead asset, Imsidolimab (anti-IL36R), failed in a Phase 2 trial for hidradenitis suppurativa (HS), and it intends to partner the remaining opportunity in generalized pustular psoriasis (GPP), where top-line results from an ongoing Phase 3 trial are anticipated in 4Q/23.

  • Also read: AnaptysBio Sells Royalty Interest In Cancer Drug For $45M.

  • HC Wainwright sees the above as "clearing events" that enable the company to fully commit its discovery engine and strong cash position (>$500M) toward developing checkpoint receptor antibodies as treatments for autoimmune and inflammatory disorders.

  • The analyst writes that a strong cash position plus a steady source of passive income set AnaptysBio apart from other biotech companies and supports the thesis as the company pivots its R&D pipeline.

  • Price Action: ANAB shares are down 1.46% at $24.90 on the last check Monday.

Latest Ratings for ANAB

Date

Firm

Action

From

To

Mar 2022

HC Wainwright & Co.

Maintains

Buy

Jun 2021

HC Wainwright & Co.

Initiates Coverage On

Buy

May 2021

UBS

Initiates Coverage On

Neutral

View More Analyst Ratings for ANAB

View the Latest Analyst Ratings

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