Wells Fargo initiated coverage of AnaptysBio (ANAB) with an Overweight rating and $56 price target. The analyst likes the setup for shares and thinks they could double between now and the end of 2024. AnaptysBio’s risk/reward is highly favorable at a $200MM enterprise value as investors do not appreciate the company’s differentiated assets relative to competitor molecules, the analyst tells investors in a research note. The firm thinks rosnilimab has a best-in-class profile, and preclinical data supports it is more potent than Ely Lilly’s (LLY) peresolimab.
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