Stifel initiated coverage of Anaptysbio (ANAB) with a Buy rating and $50 per share price target in a note to clients Wednesday.
Analysts said the company is a key player in the next wave of immune cell modulatory therapies in I&I.
"Our bullish view stems from our belief that immune cell modulation represents a key part of the evolution in the treatment paradigm of autoimmune disease," explained the analysts.
Stifel described ANAB as "uniquely positioned" with two ongoing Ph2b studies for lead PD-1 and BTLA agonist programs in Rheumatoid Arthritis and Atopic Dermatitis, which are set to read out in mid-25 and YE24, respectively.
"Ph2b data for LLY's PD-1 agonist in RA are expected around mid-year and represent a major catalyst for ANAB, given Rosnilimab's potential as a superior PD-1 agonist," the analysts added. "We think further validation of the PD-1 efficacy signal in RA could see ANAB shares up 75-100%, while downside (30-40%) is limited by a strong cash position and pipeline."