Why AnaptysBio Is One of Tuesday’s Top Stocks

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AnaptysBio Inc. (NASDAQ: ANAB) is easily one of the best performing stocks on Tuesday, with its shares jumping over 70% in this session. Although the company has only been public since January, the stock has more than tripled in that time, including Tuesday’s move. This most recent boost comes on the heels of a positive topline results from a mid-stage clinical trial of ANB020 in atopic dermatitis.

Going into the specifics, the firm announced positive proof-of-concept data for ANB020, its investigational anti-IL-33 therapeutic antibody, in an ongoing Phase 2a clinical trial in adult patients with moderate-to-severe atopic dermatitis.

In the study, after a single dose of ANB020, 75% of patients achieved an Eczema Area Severity Index (EASI) score improvement of 50% relative to enrollment baseline (EASI-50) at day 15, 83% of patients achieved EASI-50 at day 29 and 75% of patients achieved EASI-50 at day 57. All 12 patients achieved EASI-50 at one or more timepoints through Day 57 post-ANB020 administration. ANB020 was generally well tolerated in all patients at the time of this interim analysis.

Looking ahead, AnaptysBio plans to initiate a Phase 2b study in the first half of 2018 for 200 to 300 adult patients with moderate-to-severe atopic dermatitis to evaluate multidose subcutaneous administration of ANB020, with data expected in 2019.

Dr. Graham Ogg, professor of dermatology at University of Oxford and primary investigator of the Phase 2a study, commented:

Moderate-to-severe atopic dermatitis is a serious disease associated with chronic skin inflammation and debilitating pruritus, with a clear unmet medical need. The rapid and sustained benefit observed in patients after a single dose of ANB020 is an encouraging interim result from this trial. I look forward to the continued development of ANB020 as a potential future therapeutic option for patients suffering from this disease.

So far in 2017, AnaptysBio has outperformed the broad markets, with the stock up over 360% since it has been public.

Shares of AnaptysBio were last seen up 75% at $61.35, with a consensus analyst price target of $38.50 and a 52-week range of $15.17 to $61.27.