AnaptysBio initiated with a Buy at BTIG

BTIG initiated coverage of AnaptysBio with a Buy rating and $55 price target. The checkpoint agonism in autoimmune disease remains underexplored, and the company is pursuing this broad opportunity with PD-1 and BTLA agonists that are well-positioned to emerge as best-in-class, the analyst tells investors in a research note. While there have been safety questions with the approach given the success of checkpoint inhibitors in cancer historically, a closer look at the biology and preceding datasets leaves the firm persuaded that these concerns have been overstated, leaving a near-term opportunity for investors to get involved in the space, BTIG added.