Piper Sandler lowered the firm’s price target on AnaptysBio (ANAB) to $93 from $95 and keeps an Overweight rating on the shares. The firm notes that on April 2026, AnaptysBio announced completion of the First Tracks Biotherapeutics (TRAX) spinoff. Consequently, the company now operates as a royalty management company, exclusively responsible for its financial collaborations with GSK (GSK) and Vanda Pharmaceuticals (VNDA). Ultimately, Piper believes this separation made sense, as it effectively works to protect and optimize the value of the royalty business, which is fundamentally distinct vs the biopharma development company.
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