Why AnaptysBio stock is up nearly 8% this week
Strongly optimistic new analyst views on the company have helped the company bounce back in the market.
Many stocks have been shaken over the past few trading days, but the same can’t be said for biotech. Anaphthys Bio (ANAB -8.17%). The company’s shares closed about 8% higher for the week, according to data compiled by S&P Global Market Intelligence. This is largely thanks to research reports published by renowned and influential banks.
Wells Fargo’s How Are You?
It happened on the Thursday before the market opened. wells fargo We begin our coverage of AnaptysBio stock with a recommendation of Overweight, with a target price of $56 per share. This is a very optimistic view of the company, as the most recent closing price of $22.71 is less than half that figure.
In the bank’s view, the biotech is highly undervalued as the company’s pipeline seems to be dormant among investors.
In the company’s own words, it “reduces overactive T cell inflammation” (T cells are white blood cells that help the body fight infections). Wells Fargo believes rosnilimab could be very competitive with peresolimab, which the pharmaceutical giant is currently developing. ellie lily.
Potential double dose
The expected 100%+ share price increase may seem too much to some, but such gains are not uncommon in the biotech world, especially for clinical-stage companies like AnaptysBio. If an investigational drug performs well in clinical trials and reaches the market, the rewards for the company behind it can be significant. Wells Fargo clearly believes that AnaptysBio has a solid opportunity with Rosnilimab. Let’s see if we can realize that potential.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Eric Volkman has no positions in any of the stocks mentioned. The Motley Fool recommends AnaptysBio. The Motley Fool has a disclosure policy.
