Why AnaptysBio Stock Is Attractive After 30% Selloff

AnaptysBio Inc’s (NASDAQ: ANAB) stock seems attractive after the POPLAR data and the 30% selloff, while there are several catalysts over the next 12-18 months, according to Truist Securities. AnaptysBio is a clinical-stage biotechnology company developing first-in-class immunology therapeutic product candidates to patients, according to its website.

The AnaptysBio Analyst: Joon Lee upgraded the rating for AnaptysBio from Hold to Buy, while raising the price target from $27 to $34.

The AnaptysBio Thesis: The company is posed for value creation in 2021 and 2022, given the “rich pipeline from wholly-owned and partnered programs,” Lee said in the upgrade note.

“Our due diligence suggest imsidolimab may have stronger rationale for EGFRi mediated skin toxicity with interim topline expected YE21. And GPP, for which ANAB is planning to start Ph3 mid-2021, may be a much larger indication than we currently model,” he wrote.

“Also, we like the rich pipeline, including ANB030, a PD-1 agonist (LLY also has one) and ANB032, a BLTA modulator. Lastly, we raise ANAB floor based on updated milestone expectations from GSK collab,” the analyst said.

ANAB Price Action: Shares of AnaptysBio had risen by 2.95% to $20.40 at the time of publication Tuesday.

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