Share Buyback Plan Approved by AnaptysBio (NASDAQ:ANAB) Board

AnaptysBio (NASDAQ:ANAB) declared that its Board of Directors has authorized a stock repurchase plan on Monday, March 24th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire up to 13.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on ANAB. Guggenheim reaffirmed a “buy” rating on shares of AnaptysBio in a research report on Monday, March 3rd. Truist Financial decreased their price objective on AnaptysBio from $30.00 to $20.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Wedbush reiterated an “outperform” rating and issued a $40.00 target price on shares of AnaptysBio in a report on Wednesday, February 12th. HC Wainwright restated a “neutral” rating and set a $22.00 price target on shares of AnaptysBio in a research note on Tuesday, March 4th. Finally, BTIG Research lowered shares of AnaptysBio from a “buy” rating to a “neutral” rating in a research note on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.11.

AnaptysBio Price Performance

Shares of ANAB stock opened at $18.44 on Wednesday. AnaptysBio has a one year low of $12.21 and a one year high of $41.31. The company has a market cap of $565.50 million, a P/E ratio of -3.03 and a beta of 0.02. The firm has a 50-day moving average of $16.95 and a 200-day moving average of $22.22.

AnaptysBio (NASDAQ:ANAB) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($1.61) by $0.89. The firm had revenue of $43.11 million for the quarter, compared to analysts’ expectations of $10.17 million. AnaptysBio had a negative net margin of 289.75% and a negative return on equity of 287.94%. As a group, research analysts expect that AnaptysBio will post -6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ecor1 Capital, Llc bought 6,646 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were purchased at an average cost of $12.95 per share, for a total transaction of $86,065.70. Following the completion of the purchase, the director now directly owns 7,880,094 shares in the company, valued at $102,047,217.30. The trade was a 0.08 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 33.70% of the company’s stock.

About AnaptysBio

AnaptysBio, Inc, a clinical-stage biotechnology company, focuses in delivering immunology therapeutics. Its products include Rosnilimab, an IgG1 antibody that targets PD-1+ T cells, resulting in their agonism or depletion, broadly impacting pathogenic drivers of autoimmune and inflammatory diseases; and ANB032, a non-depleting antibody that binds to the BTLA checkpoint receptor and inhibits activated T cell proliferation; ANB033, a novel anti-CD122 antagonist antibody that targets the shared common beta subunit of the receptors for IL-15 and IL-2; ANB101, a BDCA2 modulator antibody that specifically targets plasmacytoid dendritic cells (pDCs); and Imsidolimab, an antibody that inhibits the interleukin-36 receptor, which is in the Phase 3 development for the treatment of generalized pustular psoriasis.