On Friday, Piper Sandler initiated coverage on shares of AnaptysBio (NASDAQ:ANAB), a clinical-stage biotech company, with an Overweight rating and a price target of $80.00. The firm highlighted the company's promising position as it enters a period filled with potential milestones in 2024 and 2025, with four assets in development and two significant partnerships.
AnaptysBio has established a successful track record of advancing molecules from discovery to approval, as demonstrated by their collaboration with GSK. This partnership has resulted in the discovery of the anti-PD-1 antagonist Jemperli, which has been licensed to GSK. Jemperli achieved fiscal year 2023 revenues of £141M, bolstered by its growth as a first-line treatment for endometrial cancer in the United States and its approval in the European Union in December 2023.
Despite these advancements, AnaptysBio's stock is currently trading just over its cash value, with $16 cash per share, and the market has given little recognition to the value of its programs. Piper Sandler believes this presents an opportunity for investors to buy into the stock ahead of key data readouts expected from AnaptysBio's wholly-owned pipeline assets in the next two years.
Moreover, the company is anticipated to benefit from an influx of cash to support its operations through its partnerships, particularly with GSK. This financial backing is seen as an endorsement of AnaptysBio's capabilities and potential for future growth.
Piper Sandler's coverage on AnaptysBio underscores the firm's confidence in the company's prospects, citing the upcoming readouts and indirect catalysts with positive implications as reasons for investors to consider the biotech stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.