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AnaptysBio reports failed Phase 2B trial, maintains cash reserves

Published 11/12/2024, 21:26
ANAB
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The company's SEC filing on December 11, 2024, confirms these details. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, presenting a potential opportunity for investors willing to weather the clinical development risks. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, presenting a potential opportunity for investors willing to weather the clinical development risks.

The study involved 201 patients across multiple regions, including the U.S., Canada, Europe, Australia, and New Zealand. Participants received varying dosages of ANB032 or a placebo over a 12-week period, with the primary and secondary endpoints assessed at Week 14. Despite the drug being well-tolerated with no safety concerns, it did not reach the primary endpoint of a 75% improvement in the Eczema Area and Severity Index score, nor any secondary endpoints.

AnaptysBio (NASDAQ:ANAB) noted that while the response rates for ANB032 were close to their target product profile, the effect was not distinguishable from the placebo, particularly due to higher than usual placebo rates observed in the U.S.

In other recent news, AnaptysBio has seen significant developments in its financial performance and clinical trials. The company reported a third-quarter net loss of $32.9 million, alongside a significant increase in collaboration revenue, which rose to $30 million. Analysts from BTIG adjusted their stance on AnaptysBio shares from Buy to Neutral, citing the high-risk nature of the upcoming Phase 2b trial of ANB032 in atopic dermatitis.

Truist Securities maintained their Hold rating on AnaptysBio with a steady price target of $30.00, following the company's presentation at the American College of Rheumatology. Guggenheim reiterated its Buy rating, expressing confidence in the company's BTLA agonist, ANB032, in treating autoimmune diseases.

H.C. Wainwright reduced its price target for AnaptysBio due to an increase in operating expenses and a third-quarter operating loss of $22.8 million. Leerink Partners, however, maintained an Outperform rating, citing the company's robust portfolio.

AnaptysBio's ANB032 is advancing to a Phase 2b ARISE-AD trial, and rosnilimab is proceeding to a Phase 2b RENOIR RA trial. Positive results have also been reported from the GEMINI-1 and GEMINI-2 Phase 3 trials for imsidolimab, a treatment for generalized pustular psoriasis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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