Shareholder rights law firm Robbins LLP announces that it is investigating AnaptysBio, Inc. (NASDAQ: ANAB) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. AnaptysBio is a clinical stage biotechnology company that engages in developing antibody product candidates focused on unmet medical needs in inflammation. AnaptysBio's lead drug candidate is etokimab, which treats various inflammatory diseases.
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AnaptysBio, Inc. (ANAB) Accused of Misleading Shareholders
In October 2017, AnaptysBio touted "positive" data from its phase 2a clinical trial of etokimab, stating that the drug's efficacy was "very encourag[ing]." However, on March 26, 2018, RBC Capital Markets issued a report questioning the veracity of AnaptysBio's interim analysis of its Phase 2a trial. On April 4, 2018, RBC Capital Markets reduced its price target on the Company's stock and highlighted "concern surrounding management credibility." Then, on June 21, 2019, Credit Suisse also issued a report doubting the veracity of the Company's Phase 2a atopic dermatitis data, citing AnaptysBio's small sample size and failure to provide critical details. Finally, on November 8, 2019, AnaptysBio announced disappointing data from its Phase 2b study that revealed that etokimab "failed to meet the primary endpoint of the trial." On this news, several analysts downgraded the AnaptysBio's stock and the Company's share price fell $25.98, a staggering 72%, to close at $10.18 per share.
AnaptysBio, Inc. (ANAB) Shareholders Have Legal Options
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