AnaptysBio: Spin-Off of First Tracks Bio and Strengthened Royalty Profile Create Attractive Risk-Reward Setup

Emily Bodnar, an analyst from H.C. Wainwright, maintained the Buy rating on AnaptysBio. The associated price target was raised to $66.00.

Emily Bodnar has given his Buy rating due to a combination of factors tied to the value creation from AnaptysBio’s spin-off of First Tracks Bio and the company’s strengthened financial profile. The new entity will launch with $180M in cash, an estimated two-year runway, and several meaningful clinical milestones through 2027, which Bodnar views as well financed and positioned to unlock pipeline value while ANAB holders additionally benefit from a one-for-one TRAX share distribution.

Bodnar’s rating is based on the belief that First Tracks’ lead programs, particularly ANB033 with its dual IL-15/IL-2 pathway targeting in celiac disease and eosinophilic esophagitis, offer differentiated efficacy potential validated by emerging class data, while AnaptysBio transitions into a royalty-focused company with sizeable initial net cash of roughly $140–145M. She argues that this combination of de-risked funding, multiple upcoming data readouts, and durable royalty streams from partnered assets such as Jemperli and imsidolimab supports an attractive risk-reward profile for ANAB shares over her investment horizon.

In another report released on March 28, TipRanks – Google also reiterated a Buy rating on the stock with a $63.00 price target.