AnaptysBio (ANAB)
Market Price (5/21/2026): $59.98 | Market Cap: $1.7 BilSector: Health Care | Industry: Biotechnology
AnaptysBio (ANAB)
Market Price (5/21/2026): $59.98Market Cap: $1.7 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 385x Stock price has recently run up significantly12M Rtn12 month market price return is 185% Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% Key risksANAB key risks include [1] a history of significant clinical trial failures and discontinued programs, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 385x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 185% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
| Key risksANAB key risks include [1] a history of significant clinical trial failures and discontinued programs, Show more. |
Qualitative Assessment
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AnaptysBio (ANAB) stock has gained about 25% since 1/31/2026 because of the following key factors:
1. Strategic Transition to a Royalty-Focused Business Model.
AnaptysBio completed the spin-off of its biopharma operations into First Tracks Biotherapeutics in April 2026, transforming AnaptysBio into a pure-play royalty management company. This strategic shift is focused on managing financial collaborations for Jemperli with GSK and imsidolimab with Vanda, with an anticipated EBIT margin exceeding 95% due to streamlined operations and minimal operating expenses.
2. Robust Performance and Future Projections for Jemperli Royalties.
GSK reported strong commercial performance for Jemperli, with sales reaching $313 million in Q1 2026, marking over 40% year-over-year growth. AnaptysBio's share of Jemperli royalties for Q1 2026 was $24.7 million, a 44% increase from Q1 2025, and the company projects annualized Jemperli royalties exceeding $390 million as early as 2029 based on GSK's peak sales guidance of over $2.7 billion.
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1. Strategic Transition to a Royalty-Focused Business Model.
AnaptysBio completed the spin-off of its biopharma operations into First Tracks Biotherapeutics in April 2026, transforming AnaptysBio into a pure-play royalty management company. This strategic shift is focused on managing financial collaborations for Jemperli with GSK and imsidolimab with Vanda, with an anticipated EBIT margin exceeding 95% due to streamlined operations and minimal operating expenses.
2. Robust Performance and Future Projections for Jemperli Royalties.
GSK reported strong commercial performance for Jemperli, with sales reaching $313 million in Q1 2026, marking over 40% year-over-year growth. AnaptysBio's share of Jemperli royalties for Q1 2026 was $24.7 million, a 44% increase from Q1 2025, and the company projects annualized Jemperli royalties exceeding $390 million as early as 2029 based on GSK's peak sales guidance of over $2.7 billion.
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Stock Movement Drivers
Fundamental Drivers
The 26.7% change in ANAB stock from 1/31/2026 to 5/20/2026 was primarily driven by a 37.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.41 | 60.08 | 26.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 169 | 232 | 37.1% |
| P/S Multiple | 7.8 | 7.4 | -4.7% |
| Shares Outstanding (Mil) | 28 | 29 | -3.0% |
| Cumulative Contribution | 26.7% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| ANAB | 26.7% | |
| Market (SPY) | 7.4% | 31.2% |
| Sector (XLV) | -4.5% | 15.6% |
Fundamental Drivers
The 64.2% change in ANAB stock from 10/31/2025 to 5/20/2026 was primarily driven by a 88.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.58 | 60.08 | 64.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 123 | 232 | 88.7% |
| P/S Multiple | 8.6 | 7.4 | -13.3% |
| Shares Outstanding (Mil) | 29 | 29 | 0.4% |
| Cumulative Contribution | 64.2% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| ANAB | 64.2% | |
| Market (SPY) | 9.3% | 19.2% |
| Sector (XLV) | 2.9% | 14.4% |
Fundamental Drivers
The 170.4% change in ANAB stock from 4/30/2025 to 5/20/2026 was primarily driven by a 154.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.22 | 60.08 | 170.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 91 | 232 | 154.6% |
| P/S Multiple | 7.4 | 7.4 | 0.0% |
| Shares Outstanding (Mil) | 30 | 29 | 6.2% |
| Cumulative Contribution | 170.4% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| ANAB | 170.4% | |
| Market (SPY) | 35.2% | 17.9% |
| Sector (XLV) | 6.6% | 23.9% |
Fundamental Drivers
The 188.6% change in ANAB stock from 4/30/2023 to 5/20/2026 was primarily driven by a 2159.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.82 | 60.08 | 188.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 232 | 2159.0% |
| P/S Multiple | 57.6 | 7.4 | -87.1% |
| Shares Outstanding (Mil) | 28 | 29 | -0.9% |
| Cumulative Contribution | 188.6% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| ANAB | 188.6% | |
| Market (SPY) | 85.2% | 17.2% |
| Sector (XLV) | 15.8% | 20.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANAB Return | 62% | -11% | -31% | -38% | 266% | 23% | 178% |
| Peers Return | 8% | 7% | 5% | 14% | 45% | -10% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| ANAB Win Rate | 75% | 50% | 25% | 58% | 75% | 60% | |
| Peers Win Rate | 53% | 57% | 52% | 47% | 67% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| ANAB Max Drawdown | -46% | -48% | -55% | -68% | -31% | -27% | |
| Peers Max Drawdown | -35% | -35% | -35% | -29% | -33% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, REGN, ALNY, INCY, KYMR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | ANAB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.6% | 7.1% |
| Time to Breakeven | 263 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.9% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -17.5% | -33.7% |
| % Gain to Breakeven | 21.1% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
In The Past
AnaptysBio's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
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| Event | ANAB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.9% | 23.1% |
| Time to Breakeven | 45 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.6% | 7.1% |
| Time to Breakeven | 263 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -47.9% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
In The Past
AnaptysBio's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AnaptysBio (ANAB)
AnaptysBio, Inc., a clinical stage biotechnology company, engages in developing therapeutic product candidates for inflammation and immuno-oncology indications. Its products include Imsidolimab, an antibody that inhibits the interleukin-36 receptor (IL-36R) for the treatment of various dermatological inflammatory diseases; Rosnilimab, an anti-PD-1 agonist antibody program designed to augment PD-1 signaling through rosnilimab treatment to suppress T-cell driven human inflammatory diseases; and ANB032, an anti-BTLA modulator antibody applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation. The company also focuses on developing various antibody programs that are advanced to preclinical and clinical milestones under its collaborations. It has a collaboration and license agreement with GlaxoSmithKline, Inc. and Bristol-Myers Squibb; and license agreements with United Kingdom Research and Innovation, as well as Millipore Corporation. The company was formerly known as Anaptys Biosciences, Inc. and changed its name to AnaptysBio, Inc. in July 2006. AnaptysBio, Inc. was incorporated in 2005 and is based in San Diego, California.
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Here are 1-3 brief analogies for AnaptysBio:
AnaptysBio is like an early-stage Genentech, developing novel antibody therapies for inflammatory and immune diseases.
AnaptysBio is like a specialized AbbVie, but for emerging antibody treatments targeting inflammation.
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AnaptysBio Major Products:
- Imsidolimab: An antibody that inhibits the interleukin-36 receptor (IL-36R) for the treatment of various dermatological inflammatory diseases.
- Rosnilimab: An anti-PD-1 agonist antibody program designed to augment PD-1 signaling to suppress T-cell driven human inflammatory diseases.
- ANB032: An anti-BTLA modulator antibody applicable to human inflammatory diseases associated with lymphoid and myeloid immune cell dysregulation.
- Collaboration Antibody Programs: Various antibody programs advanced to preclinical and clinical milestones under collaborations with partners like GlaxoSmithKline and Bristol-Myers Squibb.
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Major Customers of AnaptysBio (ANAB)
AnaptysBio, Inc. is a clinical-stage biotechnology company that develops therapeutic product candidates and antibody programs. Its business model primarily involves collaborations and licensing agreements with other companies and research institutions, rather than selling products directly to individuals. Based on the provided information, its major customers and partners include:- GlaxoSmithKline, Inc. (Symbol: GSK)
- Bristol-Myers Squibb (Symbol: BMY)
- United Kingdom Research and Innovation
- Millipore Corporation
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```htmlDaniel Faga, President & CEO
Daniel Faga has served as AnaptysBio's President and Chief Executive Officer since March 2022, transitioning from interim to full CEO in August 2023. He brings over 20 years of operating and advisory experience in the life sciences industry. Prior to joining AnaptysBio, Mr. Faga was Chief Operating Officer at Mirati Therapeutics. He also served as Chief Business Officer at Spark Therapeutics until its acquisition by Roche. Earlier in his career, he was a managing director and founding member of Centerview Partners' healthcare advisory practice, and held roles in healthcare investment banking at Merrill Lynch and management consulting at PRTM.
Dennis Mulroy, Chief Financial Officer
Dennis Mulroy joined AnaptysBio as Chief Financial Officer in July 2020, leading the company's finance, accounting, reporting, and investor relations functions. His prior experience includes serving as Chief Financial Officer for several companies, including La Jolla Pharmaceutical Company, Taxus Cardium Pharmaceuticals Group, Molecular Imaging, and SeraCare Life Sciences. Mr. Mulroy began his career as a Certified Public Accountant with Ernst & Young LLP.
Paul F. Lizzul, M.D., Ph.D., M.P.H, M.B.A., Chief Medical Officer
Paul F. Lizzul serves as the Chief Medical Officer at AnaptysBio.
Eric Loumeau, J.D., Chief Legal Officer
Eric Loumeau is the Chief Legal Officer at AnaptysBio, with over 20 years of experience in the biotech sector. His expertise spans corporate finance, including raising over $5 billion in public and private securities offerings, and mergers and acquisitions. Before his current role, Mr. Loumeau was General Counsel and Chief Compliance Officer at Otonomy, Inc. He also previously served as Chief Financial Officer of Rempex Pharmaceuticals, Inc., and became Vice President of Legal Affairs following its acquisition by The Medicines Company. Mr. Loumeau's background also includes serving as General Counsel at Hollis-Eden Pharmaceuticals, Inc., and practicing securities and corporate law at various national law firms.
Ben Stone, Chief Business Officer
Ben Stone holds the position of Chief Business Officer at AnaptysBio.
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The key risks to AnaptysBio (ANAB) primarily revolve around the inherent uncertainties of clinical-stage biotechnology development, its financial needs, and its reliance on collaborations.
- Clinical Trial Success and Regulatory Approval: As a clinical-stage biotechnology company, AnaptysBio faces significant risks related to the development and commercialization of its product candidates. There is a risk of potential failures, delays, or encountering significant adverse events or toxicities in ongoing and planned clinical trials, which could adversely affect the commercial viability of its products and inhibit regulatory approval or market acceptance. Even if clinical trials are successful, there is no guarantee that the company will obtain the necessary regulatory approvals in a timely manner, or at all, in the United States or foreign jurisdictions. Furthermore, product candidates like Imsidolimab (IL-36R inhibitor) require careful evaluation for long-term safety, potential immunogenicity, and maintaining a balance between efficacy and safety. The development of Rosnilimab (anti-PD-1 agonist) and ANB032 (anti-BTLA modulator) also carries risks related to adverse events, patient selection, and the complex mechanisms of immune modulation.
- Funding and Commercialization Challenges: AnaptysBio has limited operating revenue and a history of operational losses, necessitating additional capital to finance its extensive and costly research, development, and commercialization efforts. There is a risk that this capital may not be available on acceptable terms or at all, which could jeopardize ongoing projects and operational stability. Even with regulatory approval, the company faces significant challenges in commercializing its products, as it has no history of independently commercializing biotechnology products. This includes risks related to market acceptance of its product candidates, intense competition from other existing or developing therapies, and the ability to build internal sales and marketing capabilities or secure suitable third-party agreements. The decision to seek a partnership for Rosnilimab rather than advancing to a pivotal trial independently may also suggest uncertainties regarding its commercial potential.
- Reliance on Collaborations and Business Separation Risks: AnaptysBio is heavily reliant on its collaborations, such as the one with GlaxoSmithKline (GSK), and any disruption or underperformance in these relationships could materially and adversely affect its business. Litigation with a GSK unit concerning a cancer therapy deal has been identified as a risk. The timing and ability of collaborators to successfully develop and commercialize partnered product candidates is a key external risk factor. Additionally, AnaptysBio has announced plans to separate its biopharma operations into a new public company, First Tracks Biotherapeutics. This separation process carries inherent risks and uncertainties, including those related to its structure, timing, taxation, costs, and the ability to attract and retain key talent across the newly independent entities, which could materially impact shareholder value.
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Imsidolimab (IL-36R inhibitor)
- For Generalized Pustular Psoriasis (GPP), the global market is projected to reach USD 36.9 billion by 2035.
Rosnilimab (anti-PD-1 agonist antibody)
- For Rheumatoid Arthritis (RA), the U.S. market is valued at more than $20 billion. Global sales for the RA market reached $42.3 billion in 2024, with the U.S. market accounting for $25.3 billion.
- For Ulcerative Colitis (UC), the market size is around $6 billion.
- As a PD-1 agonist, Rosnilimab operates within the broader global PD-1/PD-L1 inhibitors market, which was valued at approximately USD 59.46 billion in 2025 and is projected to reach USD 146.02 billion by 2035. The PD-L1 inhibitors market in the 7MM (United States, EU4, UK, and Japan) was approximately USD 36 billion in 2023, with the United States holding the largest share at nearly USD 26 billion in 2023.
ANB032 (anti-BTLA modulator antibody)
- For Atopic Dermatitis (AD), the market size is around $16 billion.
- As a BTLA agonist, ANB032 is part of the global immunomodulators market, which was valued at USD 217.5 million in 2023 and is projected to grow to USD 1,237.66 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 14.6%. The United States immunomodulator market alone is projected to reach USD 32 billion by 2034.
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AnaptysBio, Inc. (ANAB) is expected to have several key drivers for future revenue growth over the next two to three years, primarily stemming from its existing collaborations and the advancement of its clinical pipeline. It is important to note that AnaptysBio is planning a business separation in the second quarter of 2026, which will create two independent public companies: one focused on managing royalty streams (retaining the AnaptysBio name and ANAB symbol) and another, First Tracks Biotherapeutics, dedicated to advancing the clinical immunology pipeline. Here are the primary expected drivers of future revenue growth:- Growing Royalties from Jemperli (dostarlimab): AnaptysBio is entitled to royalties from GSK's oncology drug, Jemperli, a PD-1 antagonist. Jemperli's sales have shown significant growth, with a Q4 2025 annualized run rate of approximately $1.4 billion. GSK anticipates Jemperli's peak sales to exceed $2.7 billion as early as 2029, which is expected to translate into over $390 million in annualized royalties for AnaptysBio. This growing royalty stream will be a significant revenue contributor for the royalty-focused AnaptysBio entity post-spin-off.
- Commercialization of Imsidolimab and Associated Royalties/Milestones: AnaptysBio has an exclusive global license agreement with Vanda Pharmaceuticals for the development and commercialization of imsidolimab, an IL-36R antagonist for Generalized Pustular Psoriasis (GPP). Imsidolimab has successfully completed two Phase 3 studies, and Vanda is preparing regulatory applications for the US and Europe in 2025. The FDA's Prescription Drug User Fee Act (PDUFA) target action date for imsidolimab in GPP is December 12, 2026. AnaptysBio is eligible to receive a 10% royalty on global net sales of imsidolimab and up to $35 million in future regulatory approval and sales milestones. This represents a new revenue stream for the royalty-focused AnaptysBio after the spin-off.
- Advancement of Rosnilimab in Rheumatoid Arthritis (RA): Rosnilimab, an anti-PD-1 agonist antibody, is a lead program in AnaptysBio's wholly-owned pipeline that will be part of the spun-off First Tracks Biotherapeutics. It has demonstrated positive Phase 2b data in rheumatoid arthritis, with updated clinical and translational data presented in June 2025. The company is assessing the best path to move this program into Phase 3 development and is meeting with the FDA in Q1 2026 to discuss this. Successful progression through later-stage clinical trials will be a key driver of increased valuation and potential future revenue generation, although commercialization is likely beyond the immediate 2-3 year timeframe.
- Progress of ANB033 in Celiac Disease and Eosinophilic Esophagitis (EoE): ANB033, a CD122 antagonist, is another promising asset within the pipeline that will transition to First Tracks Biotherapeutics. It is currently undergoing Phase 1b trials for celiac disease and has initiated a trial cohort in eosinophilic esophagitis (EoE). Initial data for the EoE trial is anticipated in 2027. Positive clinical trial results and continued advancement of ANB033 in these indications, particularly given its "pipeline-in-a-product potential," could significantly contribute to the long-term value and future revenue of the biopharma entity.
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Share Repurchases
- AnaptysBio authorized an amended stock repurchase plan of $100 million in November 2025, adding to the $6.4 million remaining from a prior $75 million program.
- Under its previous repurchase program, AnaptysBio repurchased 3,443,188 shares of common stock for $68.6 million, representing 11.2% of outstanding shares before the program's commencement.
- The expanded stock repurchase program is scheduled to expire on March 31, 2026.
Inbound Investments
- AnaptysBio received a one-time $75 million commercial sales milestone payment from GSK in December 2025, as Jemperli achieved $1 billion in worldwide net sales.
- The company received $15 million from Vanda Pharmaceuticals in 2025 for the license of imsidolimab.
- AnaptysBio maintains financial collaborations for out-licensed therapeutic antibodies, including Jemperli with GSK and imsidolimab with Vanda Pharmaceuticals, which provide royalty and milestone payments.
Capital Expenditures
- In the last 12 months (as of March 9, 2026), AnaptysBio reported capital expenditures of -$87,000.
- Property and equipment, net, decreased from $1.849 million in 2024 to $1.370 million in 2025.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 197.78 |
| Mkt Cap | 29.5 |
| Rev LTM | 4,824 |
| Op Inc LTM | 1,101 |
| FCF LTM | 1,032 |
| FCF 3Y Avg | 532 |
| CFO LTM | 1,116 |
| CFO 3Y Avg | 596 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.8% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | 340.4% |
| Op Inc Chg 3Y Avg | 111.6% |
| Op Mgn LTM | 21.7% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 22.5% |
| CFO/Rev 3Y Avg | 13.8% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 11.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 29.5 |
| P/S | 8.2 |
| P/Op Inc | 20.5 |
| P/EBIT | 17.3 |
| P/E | 14.4 |
| P/CFO | 19.6 |
| Total Yield | 2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.0% |
| 3M Rtn | -7.1% |
| 6M Rtn | -1.0% |
| 12M Rtn | 27.5% |
| 3Y Rtn | 54.6% |
| 1M Excs Rtn | -7.5% |
| 3M Excs Rtn | -15.8% |
| 6M Excs Rtn | -15.2% |
| 12M Excs Rtn | 6.3% |
| 3Y Excs Rtn | -34.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Royalty Management | 91 | ||||
| Biopharma | 0 | ||||
| Research and development activities to deliver immunology therapeutics for autoimmune and | 17 | ||||
| Single Segment | 10 | 63 | |||
| Total | 91 | 17 | 10 | 63 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Royalty Management | 66 | ||||
| Biopharma | -181 | ||||
| Research and development activities to deliver immunology therapeutics for autoimmune and | -164 | ||||
| Total | -115 | -164 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Royalty Management | 18 | ||||
| Biopharma | -164 | ||||
| Research and development activities to deliver immunology therapeutics for autoimmune and | -164 | ||||
| Total | -145 | -164 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 417 | ||||
| Total | 417 |
Price Behavior
Price Behavior
| Market Price | $60.08 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 01/26/2017 | |
| Distance from 52W High | -14.4% | |
| 50 Days | 200 Days | |
| DMA Price | $63.25 | $44.27 |
| DMA Trend | up | up |
| Distance from DMA | -5.0% | 35.7% |
| 3M | 1YR | |
| Volatility | 88.6% | 74.4% |
| Downside Capture | 337.41 | 156.60 |
| Upside Capture | 276.18 | 238.38 |
| Correlation (SPY) | 32.1% | 18.7% |
ANAB Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.93 | 2.50 | 2.16 | 1.20 | 1.11 | 0.83 |
| Up Beta | -0.71 | -0.64 | 0.03 | 0.24 | 0.12 | 0.47 |
| Down Beta | -14.48 | 1.52 | 2.25 | 0.46 | 0.02 | 0.38 |
| Up Capture | 409% | 569% | 496% | 356% | 482% | 311% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 36 | 72 | 130 | 370 |
| Down Capture | 1905% | 337% | 213% | 113% | 130% | 105% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 19 | 27 | 51 | 119 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 200.2% | 74.4% | 1.80 | - |
| Sector ETF (XLV) | 11.5% | 14.7% | 0.52 | 23.8% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 18.2% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 4.7% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -8.8% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 8.1% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 11.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 18.7% | 65.9% | 0.54 | - |
| Sector ETF (XLV) | 5.4% | 14.6% | 0.19 | 24.0% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 22.4% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 2.0% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | -4.3% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 19.0% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 13.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 13.7% | 76.0% | 0.54 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 24.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 23.8% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 2.5% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 5.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 17.8% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 9.3% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -4.4% | -8.9% | |
| 3/3/2026 | 14.6% | 17.4% | 7.4% |
| 11/4/2025 | 3.6% | -3.4% | 27.7% |
| 8/6/2025 | -9.6% | -8.1% | -2.8% |
| 2/27/2025 | 2.6% | 0.0% | 15.5% |
| 11/5/2024 | 11.7% | 8.1% | 19.0% |
| 8/5/2024 | -0.9% | 4.3% | 14.7% |
| 3/11/2024 | 11.6% | -0.8% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 8 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 8.2% | 4.4% | 14.1% |
| Median Negative | -2.4% | -6.4% | -11.2% |
| Max Positive | 14.6% | 17.4% | 27.7% |
| Max Negative | -9.6% | -8.9% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | 390.00 Mil | 0 | Affirmed | Guidance: 390.00 Mil for 2029 | |||
| Q2 2027 Debt Paydown | 325.00 Mil | ||||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | 390.00 Mil | 0 | Same New | Guidance: 390.00 Mil for 2031 | |||
| 2029 GSK Peak Sales Guidance | 2.70 Bil | 0 | Same New | Guidance: 2.70 Bil for 2031 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schmid, John P | Direct | Sell | 4012026 | 56.11 | 20,645 | 1,158,451 | 1,774,403 | Form | |
| 2 | Faga, Daniel | President, CEO | Direct | Sell | 3272026 | 61.61 | 17,679 | 1,089,199 | 30,556,279 | Form |
| 3 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 2132026 | 54.00 | 10,000 | 540,000 | 693,090 | Form |
| 4 | Marquet, Magda | Direct | Sell | 1162026 | 48.23 | 11,000 | 530,531 | 478,925 | Form | |
| 5 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1092026 | 44.71 | 3,650 | 163,192 | 1,881,754 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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