Why AnaptysBio Stock Is Popping Today

Shares of clinical-stage biotech AnaptysBio (NASDAQ: ANAB) were rising sharply on Tuesday following bullish commentary from a Wall Street analyst. The company's stock was up by 5.6% as of 12:58 p.m. EDT, after rising by as much as 12% earlier in the day.

Truist analyst Joon Lee upgraded AnaptysBio stock to buy from hold. Lee also gave the company's shares a new price target of $34, up from $27. As of this writing, shares are trading for $20.97. Clearly, Lee sees significant upside for the biotech. But what is the analyst's reasoning behind this vote of confidence?

First, it's important to remember that AnaptysBio's stock recently dropped by more than 30% after one of its leading pipeline candidates, imsidolimab, failed to meet its primary endpoint in a clinical trial for the treatment of moderate to severe palmoplantar pustulosis.

Source Fool.com