AnaptysBio price target lowered to $36 from $66 at JPMorgan

JPMorgan lowered the firm’s price target on AnaptysBio (ANAB) to $36 from $66 and keeps an Overweight rating on the shares. The firm says sentiment on AnaptysBio shares is “clearly negative” post the ANB032 failure and discontinuation in atopic dermatitis and Lilly’s peresolimab discontinuation. Street expectations for the Phase 2 rosnilimab rheumatoid arthritis update are clearly low, with the shares trading incrementally ahead of cash, the analyst tells investors in a research note. JPMorgan sees a win scenario as ACR50 being ahead of IL-6 therapy and more line with JAK treatment with a clean safety profile.