AnaptysBio shares are undervalued, says JPMorgan

JPMorgan says AnaptysBio (ANAB) shares at current levels are undervalued on the clinical and strategic potential of rosnilimab in rheumatoid arthritis alone. Looking to the balance of the year, the firm expects an increasing focus on the potential of the asset in ulcerative colitis, given the anticipated Q4 Phase 2 data. JPMorgan does not sense there are any Street expectations for the ulcerative colitis Phase 2 readout. While the company did not provide more granular details on timing, AnaptysBio noted a clear line of sight on enrollment completion, so the timelines are not at risk, the analyst tells investors in a research note. JPMorgan keeps an Overweight rating on AnaptysBio.