AnaptysBio (ANAB) PT Raised to $85 at Stifel After Q4 Update

Stifel analyst Alex Thompson raised the price target on AnaptysBio (NASDAQ: ANAB) to $85.00 (from $56.00) while maintaining a Buy rating.

The analyst commented, "We remain Buy rated following ANAB's 4Q25 update. Operations are underway for the spin-off of ANAB's biopharma portfolio into First Tracks Biotherapeutics (TRAX) in 2Q26--ANAB will retain rights to the royalty portfolio where Jemperli continues to demonstrate strong growth with annualized revenue approaching $1.4B suggesting that consensus estimates are too low and ultimately the royalty-bearing standalone company should be valued with a meaningfully-lower discount rate on a DCF-basis. TRAX will house the biopharma portfolio consisting of rosnilimab, ANB033 (CD122) and ANB101 (BDCA2). ANAB expects to give an update on rosnilimab Ph3 RA development plans in 2Q26 which would be funded by outside capital while CD122 and BDCA2 offer interesting shots-on-goal within strategicallyimportant I&I growth areas. We've updated our model for the quarter inclusive of recent buybacks and lowered our discount rate to 11.5% from 12% to reflect closer proximity to the split; our TP goes to $85 from $56."

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