Voya Investment Management LLC has significantly reduced its stake in AnaptysBio, Inc., selling approximately 60,044 shares, which amounts to an 82.2% decrease during the third quarter of 2023. According to a report from HoldingsChannel.com, the firm now holds 12,961 shares valued at around $397,000 based on its most recent filing with the U.S. Securities and Exchange Commission (SEC).
This adjustment comes as part of a broader trend among institutional investors and hedge funds regarding their positions in AnaptysBio. For instance, HighMark Wealth Management LLC increased its stake by 58.2% in the second quarter, acquiring an additional 53,550 shares for a total of 145,550 shares valued at $3.23 million. Other notable investors include Panagora Asset Management Inc., which invested $741,000, and Allianz Asset Management GmbH, which acquired shares worth $337,000 during the same period.
Insider trading activity has also been notable. On December 22, 2023, CFO Dennis Mulroy sold 10,000 shares at an average price of $50.00, totaling $500,000. Following this transaction, Mulroy holds 9,401 shares valued at approximately $470,050, marking a 51.54% reduction in his ownership. Additionally, Director J. Anthony Ware sold 3,900 shares on December 23, 2023, at an average price of $49.58, with the total value reaching $193,362. After this sale, Ware’s remaining shares amount to 9,630, valued at around $477,455.40.
In total, insiders have sold 63,766 shares of AnaptysBio in the last 90 days, representing a value of approximately $3.01 million. Currently, insiders hold 33.5% of the company’s stock.
Recent Performance and Buyback Announcement
AnaptysBio’s stock has faced challenges, recently declining by 7.3%. The company reported its quarterly earnings on November 4, 2023, announcing earnings per share of $0.52, significantly surpassing analysts’ expectations of a loss of $1.06. The firm’s revenue for the quarter reached $76.32 million, far exceeding the consensus estimate of $15.83 million. Despite this positive revenue news, AnaptysBio experienced a negative net margin of 49.94% and an astounding negative return on equity of 1,101.24%.
In a strategic move, AnaptysBio announced on November 21, 2023, that its board has authorized a share buyback plan, allowing the company to repurchase up to $100 million in outstanding shares. This plan enables the company to buy back approximately 9.6% of its shares through open market transactions, often seen as a signal that management believes its shares are undervalued.
Analyst Ratings and Future Outlook
Analysts have been actively assessing AnaptysBio, with several recent reports providing insights into the stock’s potential. HC Wainwright adjusted its price target from $52.00 to $51.00, maintaining a “buy” rating. In contrast, Wells Fargo & Company raised its target price from $51.00 to $81.00, assigning an “overweight” rating. Barclays lowered its target from $70.00 to $55.00, while Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating.
Currently, one research analyst has issued a “strong buy” rating for AnaptysBio, eight analysts have rated it as “buy,” two have given it a “hold” rating, and one has issued a “sell” rating. The consensus rating remains a “moderate buy” with an average target price of $55.40.
Founded in 2012 and headquartered in San Diego, California, AnaptysBio, Inc. is a clinical-stage biotechnology company focused on developing therapeutic antibody products for immunology and inflammation. The company’s proprietary technology enables rapid generation and refinement of human antibodies, positioning it well in the competitive biotechnology landscape. AnaptysBio continues to advance its pipeline of clinical-stage programs targeting dermatological and inflammatory disorders.
For further insights into AnaptysBio and the latest market developments, interested parties can refer to credible financial news sources and the SEC for ongoing updates.
