AnaptysBio (ANAB) PT Lowered to $36 at Guggenheim

Guggenheim analyst Yatin Suneja lowered the price target on AnaptysBio (NASDAQ: ANAB) to $36.00 (from $90.00) while maintaining a Buy rating.

The analyst commented: "We caught up with ANAB management following today's announcement that its BTLA agonist, ANB032, did not meet the primary or any of the secondary endpoints in its Phase IIb (n=201) AD study. ANAB noted that the patient population was more on the moderate-to-severe spectrum (baseline EASI of 27.3). While the absolute response rates on key endpoints approached the minimum target product profile, the “higher placebo rates outside of the historical norm, particularly in the U.S.” was unexpected. The company announced that all further investment in ANB032 will be discontinued, which we think is a prudent decision. Nonetheless, mgmt emphasized that the tolerability and safety profile was relatively benign — in fact, the drug was clean and the AE profile looked as good as placebo. Next potential catalyst for the stock is the upcoming Phase II readouts for rosnilimab (PD-1 agonist) in rheumatoid arthritis (RA) in February 2025 (completed enrollment n=425). Despite recent setbacks in the checkpoint agonism space, we continue to believe that agonizing the inhibitory pathways represents a promising approach for treating autoimmune diseases. We also note that investors lacked conviction on the BLTA-agonism pathway, and would like to see data from ANAB's PD-1 agonist RA study before assigning any value to the company's pipeline. Additional programs include ANB033 (anti-CD122 antagonist) and ANB101 (BDCA2 modulator). We have removed ANB032 from our model. Maintain BUY and our PT moves to $36 from $90."

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