AnaptysBio (NASDAQ:ANAB) Shares Down 7.7% After Earnings Miss

AnaptysBio, Inc. (NASDAQ:ANAB)’s share price was down 7.7% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $57.85 and last traded at $60.5570. Approximately 116,493 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 807,708 shares. The stock had previously closed at $65.58.

The biotechnology company reported ($1.84) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($1.20). The business had revenue of $25.56 million for the quarter, compared to analysts’ expectations of $18.86 million. AnaptysBio had a negative return on equity of 1,101.24% and a negative net margin of 5.64%.

AnaptysBio announced that its Board of Directors has authorized a stock repurchase program on Friday, March 27th that authorizes the company to buyback $100,000.00 billion in shares. This buyback authorization authorizes the biotechnology company to buy up to 5,352,316.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on ANAB shares. Piper Sandler cut their price target on shares of AnaptysBio from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Truist Financial upgraded shares of AnaptysBio to a “hold” rating in a research note on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of AnaptysBio in a report on Wednesday, January 21st. Zacks Research upgraded AnaptysBio from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Finally, UBS Group reissued a “buy” rating and issued a $76.00 target price on shares of AnaptysBio in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.73.

Insider Transactions at AnaptysBio

In other news, CEO Daniel Faga sold 17,679 shares of the company’s stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $61.61, for a total transaction of $1,089,203.19. Following the completion of the sale, the chief executive officer owned 495,965 shares in the company, valued at $30,556,403.65. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schmid sold 20,645 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $56.11, for a total value of $1,158,390.95. Following the sale, the director directly owned 31,622 shares of the company’s stock, valued at approximately $1,774,310.42. This represents a 39.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 33.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AnaptysBio

A number of large investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its stake in shares of AnaptysBio by 5,864.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 835 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 821 shares during the period. Larson Financial Group LLC increased its stake in shares of AnaptysBio by 54.6% during the third quarter. Larson Financial Group LLC now owns 1,340 shares of the biotechnology company’s stock worth $41,000 after acquiring an additional 473 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in AnaptysBio by 24.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,345 shares of the biotechnology company’s stock worth $65,000 after purchasing an additional 263 shares in the last quarter. Bessemer Group Inc. raised its holdings in AnaptysBio by 950.0% during the third quarter. Bessemer Group Inc. now owns 1,428 shares of the biotechnology company’s stock worth $44,000 after purchasing an additional 1,292 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in AnaptysBio by 940.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,530 shares of the biotechnology company’s stock valued at $74,000 after purchasing an additional 1,383 shares during the period.

AnaptysBio Price Performance

The stock’s 50-day moving average is $62.40 and its 200 day moving average is $51.21. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -116.22 and a beta of 0.79.

AnaptysBio Company Profile

AnaptysBio, Inc is a clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation. Founded in 2012 and headquartered in San Diego, California, AnaptysBio leverages a proprietary somatic hypermutation platform to rapidly generate and refine human antibodies with optimized efficacy and safety profiles. The company’s technology is designed to accelerate target validation and candidate selection across a range of immune-mediated conditions.

The company’s pipeline includes multiple clinical-stage programs addressing dermatological and inflammatory disorders.