AnaptysBio (ANAB) PT Lowered to $52 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar lowered the price target on AnaptysBio (NASDAQ: ANAB) to $52.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "3Q24 financial recap; lowering PT to $52 from $55. AnaptysBio had 3Q24 total operating expenses of $52.8M, which were slightly higher than 2Q24 operating expenses. The company had 3Q24 operating loss of $22.8M and EPS of -$1.14. Collaboration revenue, which consists of both milestone and royalty payments, is related to the net sales of GSK’s (GSK; not rated) Jemperli and Zejula, increased to $30M in 3Q24 from $11.0M in 2Q24, which included a $15M milestone. We expect 2024 collaboration revenues of $64.2M. We expect operating expenses to increase slightly throughout 2024 and beyond as the company continues three Phase 2 trials and readies itself for potential Phase 3 studies. With that said, we estimate 2024 total operating expenses of $210.1M and EPS of -$6.18. AnaptysBio ended 3Q24 with $458.0M in cash and equivalents, which we estimate could fund operations into 2027. We have lowered our POS for rosnilimab for treatment of RA to 50% from 60% previously, based on Lilly discontinuing peresolimab, which is the reason for our lower PT of $52 from $55."

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