TD Cowen reduced its price target on AnaptysBio Inc. (NASDAQ: ANAB) to $70 from $75 on Tuesday, maintaining a buy rating as the company awaits an FDA review decision on a key drug application.
The firm’s adjustment follows the FDA’s acceptance of a supplemental biologics license application for GSK’s Jemperli in a new indication. The application targets previously untreated stage II/III dMMR/MSI-H locally advanced rectal cancer, with a Prescription Drug User Fee Act (PDUFA) target date set for February 2027. The review is eligible for the CNPV pathway and Project Orbis, which may expedite a decision ahead of the assigned date.
TD Cowen estimates peak U.S. sales for the indication at approximately $290 million. The stock was trading at $58.44 at the time of the note, down 0.12%, with a market capitalization of $1.73 billion. AnaptysBio shares have delivered a 336% return over the past year, though InvestingPro data indicates analysts do not expect the company to achieve profitability in 2026 and views the shares as overvalued relative to fair value.
Separately, H.C. Wainwright initiated coverage of AnaptysBio with a buy rating and a $95 price target, a move tied to the recent spinoff of First Tracks Bio, which is developing AnaptysBio’s former clinical-stage assets. H.C. Wainwright also maintained a buy rating on First Tracks Bio.
