AnaptysBio (NASDAQ:ANAB) to Buyback $75.00 million in Outstanding Stock

AnaptysBio (NASDAQ:ANAB) announced that its board has initiated a stock buyback program on Monday, March 24th, RTT News reports. The company plans to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the biotechnology company to purchase up to 13.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

AnaptysBio Stock Up 9.5 %

Shares of NASDAQ:ANAB traded up $1.63 during trading on Monday, hitting $18.71. 2,201,872 shares of the stock traded hands, compared to its average volume of 546,082. The company has a fifty day moving average price of $16.80 and a two-hundred day moving average price of $22.47. AnaptysBio has a 52-week low of $12.21 and a 52-week high of $41.31. The company has a market cap of $573.78 million, a price-to-earnings ratio of -3.08 and a beta of 0.02.

AnaptysBio (NASDAQ:ANAB) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $10.17 million. AnaptysBio had a negative return on equity of 287.94% and a negative net margin of 289.75%. On average, equities research analysts predict that AnaptysBio will post -6.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ANAB shares. Truist Financial reduced their target price on AnaptysBio from $30.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Wedbush reiterated an “outperform” rating and set a $40.00 price target on shares of AnaptysBio in a report on Wednesday, February 12th. Wolfe Research started coverage on AnaptysBio in a research report on Tuesday, February 4th. They set an “outperform” rating and a $25.00 price objective on the stock. Guggenheim reaffirmed a “buy” rating on shares of AnaptysBio in a report on Monday, March 3rd. Finally, HC Wainwright reiterated a “neutral” rating and issued a $22.00 price target on shares of AnaptysBio in a research note on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.11.

Insider Buying and Selling at AnaptysBio

In other AnaptysBio news, Director Ecor1 Capital, Llc bought 6,646 shares of AnaptysBio stock in a transaction on Thursday, January 2nd. The shares were bought at an average cost of $12.95 per share, for a total transaction of $86,065.70. Following the acquisition, the director now directly owns 7,880,094 shares in the company, valued at $102,047,217.30. This represents a 0.08 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 33.70% of the stock is currently owned by corporate insiders.

AnaptysBio Company Profile

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.