Analyst Derek Archila from Wells Fargo maintained a Buy rating on AnaptysBio (ANAB – Research Report) and increased the price target to $51.00 from $40.00.
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Derek Archila has given his Buy rating due to a combination of factors related to AnaptysBio’s recent developments. Firstly, the positive data from rosnilimab’s Phase 2 trial for rheumatoid arthritis (RA) is seen as a key indicator of the drug’s potential success in future trials. Despite some ongoing debates about the data, the results at week 12 showed statistical significance in the DAS28-CRP measure, although the improvement was modest. At week 14, the data appeared more promising, particularly in comparison to competitor drugs, which enhances confidence in the drug’s prospects.
Furthermore, rosnilimab’s safety profile is commendable, with adverse events (AEs) comparable to placebo and no serious safety concerns, setting it apart from existing RA treatments that carry black box warnings. The drug’s efficacy and safety, along with the potential for less frequent dosing, provide a competitive edge. These elements contribute to the anticipation of a successful Phase 3 trial and bolster the case for increasing market share, supporting the Buy rating and the raised price target to $51.
Archila covers the Healthcare sector, focusing on stocks such as Incyte, Arvinas Holding Company, and Immunovant. According to TipRanks, Archila has an average return of 6.5% and a 44.42% success rate on recommended stocks.
In another report released on February 7, Wedbush also maintained a Buy rating on the stock with a $40.00 price target.