TD Cowen initiates coverage on AnaptysBio with 'outperform'; shares up

AnaptysBio

18/05/2023 16:18

** Shares of AnaptysBio Inc  ANAB.O  up 1.2% at ~$19
    ** Brokerage TD Cowen initiates drug developer's stock
rating with "outperform"
    ** Optimistic on co's lead therapy candidate rosnilimab and
another antibody ANB032
    ** Sees ANAB shares as significantly undervalued and
believes that the company is poised to deliver long-term value
    ** Co is expected to initiate a mid-stage trial in Q3 of
2023 for rosnilimab to treat rheumatoid arthritis (RA), a
chronic inflammatory disorder that affects joints and other body
systems
    ** ANB032 is currently in a mid-stage trail as a potential
treatment for atopic dermatitis, that causes inflammation,
redness and irritation of the skin
    ** Brokerage models $1.5 bln in peak U.S. sales for the two
therapies in RA and atopic dermatitis indications, respectively,
if successfully developed
    ** Top-line data from RA trial expected in mid-2025 and
study data in atopic dermatitis expected by 2024 year-end
    ** Including session moves, stock down 37.8% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))