AnaptysBio upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded AnaptysBio to Overweight from Neutral with a price target of $69, up from $29. The firm sees key catalysts in the next 12 months as potentially significant value drivers for the shares, in particular, for Phase 2b readouts of ANB032 in atopic dermatitis and rosnilimab in rheumatoid arthritis. There are no Street expectations for the ANB032 Phase 2b update, but JPMorgan is expecting interest to pick up ahead of data, the analyst tells investors in a research note. At current levels, AnaptysBio shares are “undervalued even if only one of the opportunities move forward,” the firm says.