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

  • HC Wainwright is assuming coverage on AnaptysBio Inc 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.
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