AnaptysBio could have positive read from J&J abstracts, says Guggenheim

Guggenheim analyst Yatin Suneja notes Johnson & Johnson (JNJ) released two abstract titles for the upcoming European Congress of Rheumatology conference that indicate the company will be presenting proof-of-biology Phase 2 trial results across rheumatoid arthritis, ulcerative colitis and Sjogren’s syndrome patients. Based on the titles, coupled with the fact that J&J held back the data prior to a rheumatology “flagship event,” the firm thinks J&J is likely to present good data that could read through positively to the class and AnaptysBio’s (ANAB) rosnilimab programs. The firm keeps a Buy rating on AnaptysBio shares.