AnaptysBio downgraded to Neutral from Buy at BTIG

BTIG downgraded AnaptysBio (ANAB) to Neutral from Buy without a price target The company’s topline data from the Phase 2b trial of ANB032 in atopic dermatitis are expected later in December and will represent the first-in-disease clinical data for the class, the analyst tells investors in a research note. BTIG views the share setup as “high risk / high reward,” considering the lack of preceding clinical data. It believes ANB032 is likely a weaker Th2 inhibitor than Dupixent and Egblyss. Following the “unexpected” peresolimab in rheumatoid arthritis discontinuation by Eli Lilly (LLY) in October 2024, BTIG sees “significant downside risk” for AnaptysBio shares in the event of an adverse Phase 2b atopic dermatitis data outcome.