- HC Wainwright is provided coverage on AnaptysBio Inc ANAB with a Buy rating and a price target of $35, at a unique inflection point since its inception in 2005.
- The Company’s key asset, imsidolimab (anti-IL36R), failed in a phase 2 study 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 study are expected in Q4 23.
- Also read: AnaptysBio sells royalties on cancer drug for $45 million.
- HC Wainwright sees the above “clearing events” allowing the company to expand its discovery engine and strong liquidity (>$500M).
- The analyst writes that a strong cash position and a steady source of passive income sets AnaptysBio apart from other biotech companies, and supports the thesis as the company aligns its R&D pipeline.
- Price promotion: ANAB shares are down 1.46% to $24.90 on Monday’s latest check.
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