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On Thursday, H.C. Wainwright analyst Emily Bodnar increased the price target on AnaptysBio (NASDAQ:ANAB) shares to $22.00, up from the previous $19.00, while maintaining a Neutral rating on the stock. According to InvestingPro data, the stock currently trades at $16.15, with analyst targets ranging from $18 to $59, suggesting potential upside. The company’s shares have experienced significant volatility, declining over 51% in the past six months. The adjustment follows AnaptysBio’s announcement on Wednesday of positive Phase 2b topline results for its rosnilimab treatment for rheumatoid arthritis (RA). The study involved 424 participants and tested three dosage levels against a placebo.
The trial was structured to assess the primary endpoint of DAS28-CRP at Week 12. Patients who achieved low disease activity at Week 14 continued with the blinded treatment until Week 28. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 10.23, though it’s currently burning through cash with negative free cash flow of $103.39 million in the last twelve months. This study design mirrors the approach taken in Eli Lilly (NYSE:LLY)’s peresolimab Phase 2a study. Despite Eli Lilly halting the development of peresolimab in Phase 2b due to unsatisfactory data, AnaptysBio’s rosnilimab showed alignment with baseline characteristics of competitor studies and met the primary endpoint at all dosage levels.
The results demonstrated a notable separation from the placebo starting at Week 8. The ACR20 response rates for rosnilimab ranged from 69-75%, significantly higher than the placebo’s 53% and above the typical 20-40% range seen in historical studies. The ACR50 and ACR70 response rates also showed a modest placebo-adjusted benefit.
AnaptysBio has indicated that it does not plan to move forward with Phase 3 trials for rosnilimab in treating RA without a partner. The company is awaiting further data from a Phase 2 study for ulcerative colitis (UC), expected in the fourth quarter of 2025, before determining the next steps for the treatment. The revised price target reflects the latest data and the company’s cautious approach to further development. InvestingPro subscribers can access 8 additional key insights about AnaptysBio’s financial health, including detailed analysis of its revenue growth trajectory and debt management strategy.
In other recent news, AnaptysBio, Inc. has seen significant developments with its investigational treatment for rheumatoid arthritis (RA), rosnilimab. Positive results from a Phase 2b trial demonstrated statistical significance in its primary endpoint at Week 12, with sustained responses observed at Week 28. The trial also achieved statistical significance on key secondary endpoints. AnaptysBio anticipates reporting additional data in the second quarter of 2025.
H.C. Wainwright maintained a Neutral rating on AnaptysBio, following the company’s recent licensing agreement with Vanda Pharmaceuticals (NASDAQ:VNDA) for the development of imsidolimab, a treatment for Generalized Pustular Psoriasis (GPP). TD Cowen and Piper Sandler, in their respective analyses, highlighted AnaptysBio’s potential catalysts for 2025, including the expected release of Phase II RA data for Rosnilimab.
These recent developments underscore the significant strides AnaptysBio is making in the biotechnology space, with an emphasis on delivering innovative treatments for autoimmune and inflammatory diseases.
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