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

AnaptysBio (NASDAQ:ANAB - Get Free Report) declared that its Board of Directors has initiated a share repurchase plan on Monday, March 24th, RTT News reports. The company plans to buyback $75.00 million in outstanding shares. This buyback authorization allows the biotechnology company to purchase up to 13.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

AnaptysBio Price Performance

Shares of ANAB stock traded up $0.31 during trading hours on Friday, reaching $18.96. 243,894 shares of the company traded hands, compared to its average volume of 554,418. The firm has a 50-day moving average price of $17.08 and a 200 day moving average price of $22.17. The company has a market cap of $581.45 million, a P/E ratio of -3.12 and a beta of 0.02. AnaptysBio has a 12-month low of $12.21 and a 12-month high of $41.31.

AnaptysBio (NASDAQ:ANAB - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($1.61) by $0.89. The business had revenue of $43.11 million for the quarter, compared to the consensus estimate of $10.17 million. AnaptysBio had a negative net margin of 289.75% and a negative return on equity of 287.94%. Sell-side analysts predict that AnaptysBio will post -6.08 EPS for the current year.

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Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Guggenheim reissued a "buy" rating on shares of AnaptysBio in a research report on Monday, March 3rd. JPMorgan Chase & Co. boosted their price objective on shares of AnaptysBio from $36.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. Wedbush restated an "outperform" rating and set a $40.00 price objective on shares of AnaptysBio in a research report on Wednesday, February 12th. Wells Fargo & Company lifted their target price on shares of AnaptysBio from $40.00 to $51.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Finally, HC Wainwright reissued a "neutral" rating and set a $22.00 price target on shares of AnaptysBio in a report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently 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 acquired 6,646 shares of the stock in a transaction dated Thursday, January 2nd. The shares were 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 of the company's stock, valued at approximately $102,047,217.30. The trade was 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 the SEC website. 33.70% of the stock is owned by corporate insiders.

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.