AnaptysBio hit on Regeneron data, downgrades

Update with more details on stock movement and downgrade:

AnaptysBio shares are sliding after Regeneron says its medicine that’s similar to ANAB’s etokimab failed to differentiate from Dupixent as an asthma therapy.

Stifel also downgrades ANAB from Buy to Hold citing decreased confidence that etokimab will be meaningfully differentiated from Dupixent.

Credit Suiise analyst Martin Auster says the results were in-line with expectations and don’t change his thesis on the stock.

ANAB shares are down 13.8% at 9:40 AM.

Original post: Credit Suisse downgrades AnaptysBio (NASDAQ:ANAB) from Outperform to Neutral and slashes the price target from $137 to $79, an 18% upside.

ANAB shares are down 3% pre-market to $65.

https://seekingalpha.com/news/3472922-anaptysbio-minus-13_8-percent-regeneron-data-downgrades