Raymond James Initiates AnaptysBio With ~42% Upside, Despite Trial Setback
- Raymond James initiated coverage on AnaptysBio Inc with an Outperform rating and a $35 price target.
- The analyst has a positive outlook on the lead asset imsidolimab in generalized pustular psoriasis (60% PoS — top-line data in 4Q23).
- In addition to imsidolimab, AnaptysBio is developing PD-1 agonist rosnilimab in alopecia areata (AA), and the data from Phase 2 AZURE study is expected in 1Q23.
- AnaptysBio’s another checkpoint agonist (ANB032 targeting BTLA) completed Phase 1 in healthy volunteers, and Phase 2 development could start as soon as 4Q22.
- The analyst says that though ANB032 is not captured in the model, for now, they note some recent interest from big pharma in checkpoint agonists for autoimmune indications, and Gilead Sciences Inc acquired private MiroBio for $405 million.
- MiroBio’s lead asset MB272 (BTLA agonist) is somewhat behind ANB032, while MB151 (PD-1 agonist) is still in preclinical development.
- According to the analyst, investors may remain on the sidelines due to the binary readout for imsidolimab in hidradenitis suppurativa (HS) while the interest for checkpoint agonists is rising.
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