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

AnaptysBio (NASDAQ:ANAB) declared that its board has initiated a share buyback program on Monday, March 24th, RTT News reports. The company plans to buyback $75.00 million in shares. This buyback authorization authorizes the biotechnology company to repurchase up to 13.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

AnaptysBio Stock Performance

Shares of NASDAQ ANAB traded up $1.63 during trading on Monday, hitting $18.71. 2,201,872 shares of the company traded hands, compared to its average volume of 546,082. The firm has a market capitalization of $573.78 million, a price-to-earnings ratio of -3.08 and a beta of 0.02. The business’s fifty day moving average is $16.80 and its 200 day moving average is $22.47. AnaptysBio has a fifty-two week low of $12.21 and a fifty-two week high of $41.31.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Guggenheim restated a “buy” rating on shares of AnaptysBio in a report on Monday, March 3rd. Wedbush reissued an “outperform” rating and set a $40.00 target price on shares of AnaptysBio in a report on Wednesday, February 12th. Wells Fargo & Company upped their price target on shares of AnaptysBio from $40.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Wolfe Research assumed coverage on shares of AnaptysBio in a report on Tuesday, February 4th. They set an “outperform” rating and a $25.00 price target on the stock. Finally, BTIG Research downgraded AnaptysBio from a “buy” rating to a “neutral” rating in a report on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.11.

Insider Activity at AnaptysBio

In other AnaptysBio news, Director Ecor1 Capital, Llc bought 6,646 shares of AnaptysBio stock in a transaction that occurred on Thursday, January 2nd. The stock was acquired at an average cost of $12.95 per share, for a total transaction of $86,065.70. Following the completion of the transaction, 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. 33.70% of the stock is owned by company 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.