# AnaptysBio, Inc. (ANAB)

> Source: Nexqual · https://nexqual.com/ANAB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AnaptysBio, Inc. (ANAB), nexqual.com/ANAB" · informational, not investment advice.

**Price:** USD 48.1 (+0.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 47.94 · day 46.83–48.51 · 52w 20.18–72.36 · market cap $1.44B · NMS

## Key facts
- Last four reported quarters (through Mar 31, 2026): revenue $232M, net income -$26.8M (-11.5% margin), free cash flow $4.4M (SEC filings).
- Earnings quality: non-operating income -$71.1M vs operating income $220M over the last four quarters; P/E excluding non-operating income ≈32.7x (estimate: non-operating income taxed at the company's 0.5% effective rate).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $249K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.63 on a 1–5 scale) (8 analysts), mean target USD 87.25 (range 60–140).
- Total return with dividends: 1Y +112.2% vs S&P 500 +14.9%; 5Y +152.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.8, revenue estimate $33.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $63.2M | $10.3M | $17.2M | $91.3M | $235M | $232M |
| Operating income | -$56.8M | -$115M | -$164M | $66.2M | $227M | $220M |
| Net income | -$57.8M | -$129M | -$164M | -$145M | -$13.2M | -$26.8M |
| EPS (diluted) | -$1.41 | -$3.05 | -$4.05 | -$4.92 | -$0.44 | — |
| Free cash flow | -$47.3M | -$74.0M | -$122M | -$136M | $19.6M | $4.4M |
| Operating margin | -89.9% | -1119.4% | -958.3% | 72.5% | 96.7% | 94.6% |
| Net margin | -91.5% | -1251.3% | -953.7% | -159.1% | -5.6% | -11.5% |
| Revenue growth | -15.8% | -83.7% | +66.8% | +432.0% | +157.0% | — |
| Cash + short-term investments | $548M | $441M | $391M | $285M | $212M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 31, 2026)
P/E ex non-operating (est.) ≈32.7x · P/S 6.2x · P/FCF 326.1x · P/B 112.8x · FCF yield 0.31% · Earnings yield -1.86% · Buyback yield (TTM) 4.46%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Renton Hollings | Director | 5,000 | $249K | 31.3% | Yes (adopted March 30, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.63 on a 1–5 scale), 8 analysts; mean target USD 87.25 (low 60, high 140).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | JP Morgan | Target lowered | Overweight | $70 → $60 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $95 |
| 2026-09-23 | Leerink Partners | Target lowered | Outperform | $90 → $81 |
| 2026-08-25 | TD Cowen | Target lowered | Buy | $75 → $70 |
| 2026-08-24 | HC Wainwright & Co. | Reiterated | Buy | $95 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +112.2% | +152.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +112.8% | +20.3% |
| Volatility (annualized) | 63.0% | 65.2% |
| Max drawdown | -34.9% (Jul 2026→Oct 2026) | -67.7% (Sep 2024→Dec 2024) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/ANAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ANAB's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1370053/000119312526088290/anab-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Vanda Pharmaceuticals Inc. (VNDA) | "We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or "Jemperli") to GSK and an IL-36R antagonist (imsidolimab) to …" |
| Partner | TESARO | "In March 2014, we entered into a Collaboration and Exclusive License Agreement (the "GSK Agreement") with TESARO, Inc. ("Tesaro"), an oncology-focused biopharmaceutical company now a part of GSK (Tesaro and GSK are herei…" |
| Partner | MYRIAD GENETICS INC (MYGN) | "Myriad Genetics, Inc., BRCA1- & BRCA2-Based Hereditary Cancer Test Patent Litig., Mayo Collaborative Services v." |
| Partner | TD Cowen and Leerink Partners | "In August 2024, we entered into an underwriting agreement with TD Cowen and Leerink Partners LLC as representatives to the several underwriters listed therein (the "Underwriters"), pursuant to which we issued and sold an…" |
| Partner | LLC and Leerink Partners | "In August 2024, we entered into an underwriting agreement with TD Securities (USA) LLC and Leerink Partners LLC as representatives to the several underwriters listed therein (the "Underwriters"), pursuant to which we iss…" |

Other companies that name ANAB in their own reports (relationship from ANAB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Vanda Pharmaceuticals Inc. (VNDA) | 10-K 2026-02-12 | "In January 2025, we entered into an exclusive global license agreement with AnaptysBio, Inc. (Anaptys) under which we acquired the worldwide rights to develop, manufacture and commercialize imsidolima…" |

## Revenue by business segment (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Royalty Management Company | $25.6M | 100.0% | -8.0% | $18.2M | 71.1% |
| Total revenue | $25.6M | 100% | — | -$34.6M | -135.5% |

## Company outlook (8-K filed 2026-05-12)

- "Converted from GBP to USD using Q3 2025 average exchange rate (1.35x) 3. ~$275 million accrued to Sagard through Q1 2026 and assumes a ~10% quarter-over-quarter growth rate for Jemperli from Q4'25 through Q2'27 and milestone payments associated with filing ($5mm) and approval ($10mm) of dMMR rectal approval in the EU AnaptysBio, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.80 | $0.38 | +107.2% | $33.5M | 2 |
| Next quarter (ends 2026-12-31) | $1.54 | $0.73 | +111.6% | $52.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.35 | $-0.23 | -1985.5% | $101.1M | 3 |
| Next fiscal year (ends 2027-12-31) | $5.07 | $5.24 | -3.2% | $171.3M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±20.9%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 90.2% | ±20.9% |
| 2026-12-18 | 56 | 90.9% | ±29.2% |
| 2027-02-19 | 119 | 81.2% | ±37.4% |
| 2027-05-21 | 210 | 73.8% | ±44.7% |