AnaptysBio upgraded to neutral at JP Morgan on clinical execution

• JP Morgan has upgraded AnaptysBio (NASDAQ:ANAB) to neutral from underweight as it does not see much downside risk or opportunity for upside potential at current levels.
• The firm lowered its price target to $30 from $31 (~57% upside based on Friday's close).
• Analyst Anupam Rama noted that the company's near and intermediate-term focus is on clinical execution for lead programs.
• These programs are ANB032, in phase 2b study in atopic dermatitis, and rosnilimab with a phase phase 2b study in rheumatoid arthritis slated to begin in Q3.
• Of the two, ANB032 will have the first data read-out, which is expected by the end of 2024.

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