Guggenheim Partners upgraded the clinical-stage biotech AnaptysBio, Inc. ( NASDAQ: ANAB ) to Buy from Neutral on Tuesday, with positive views on checkpoint receptor agonists, a group of molecules that regulates the immune response.
Citing clinical data from drugmakers and M&A activity, the analysts led by Yatin Suneja point out that pharma interest in developing receptor agonists against multiple immune-inflammatory diseases has peaked.
They refer to Gilead’s ( GILD ) plan to acquire UK-based MiroBio, and proof of concept data Eli Lilly ( LLY ) reported for PD-1 and BTLA targets in rheumatoid arthritis (RA) and Systemic lupus erythematosus (SLE), respectively.
“However, ANAB is not far behind with clinical stage agonist mAbs against both PD-1 (rosnilimab) and BTLA (ANB032),” the team with a $44 per share target on the stock wrote.
Notwithstanding a Phase 2 readout scheduled in 1Q 2023 for rosnilimab in Alopecia Areata, the analysts favor checkpoint agonist space which they say could quickly grow over the next 12-18 months “as more PoC data come out and interest from pharma peaks.”
Read more about the Gilead’s ( GILD ) agreement to acquire MiroBio in an all-cash deal.
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AnaptysBio raised to Buy at Guggenheim on prospects for checkpoint agonists