Leerink analyst David Risinger initiated coverage of AnaptysBio with an Outperform rating and $47 price target. The firm believes the company’s R&D portfolio offers tremendous potential, shares are undervalued, and pipeline news flow is set to accelerate in late 2024-2025. AnaptysBio is an emerging I&I company with novel mechanisms for rheumatoid arthritis, ulcerative colitis, atopic dermatitis, and other immunological diseases. The company has two checkpoint agonists in Phase 2 development, and it plans to advance two additional novel mechanisms — a CD122 antagonist and a BDCA2 modulator — into the clinic this year. Leerink views the stock as undervalued even though it assigns conservative odds of success.
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