AnaptysBio (ANAB)
Market Price (10/7/2026): $47.91 | Market Cap: $1.4 BilSector: Health Care | Industry: Biotechnology
AnaptysBio (ANAB)
Market Price (10/7/2026): $47.91Market Cap: $1.4 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 -20% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 95% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.25, Short 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 19% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 307x Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% 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 -7.2% 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 -20% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 108% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 95% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.25, Short 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 19% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 307x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -8.0% |
| 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 -7.2% |
| Key risksANAB key risks include [1] a history of significant clinical trial failures and discontinued programs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/1/2026
AnaptysBio (ANAB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Disappointment over Q2 Fiscal Year 2026 Earnings Composition and Cash Burn. AnaptysBio changed its fiscal year-end from December 31 to June 30 on May 18, 2026. While the company reported robust GAAP earnings per share of $5.11 and revenue of $27.49 million for its fiscal Q2 2026 (ended June 30, 2026, and reported on September 21, 2026), which significantly beat analyst estimates of a loss of $-0.46 and revenue of $14.06 million, investors largely discounted these results. This was due to the headline profit being primarily driven by a non-recurring $181.5 million tax benefit linked to the spin-off of First Tracks Biotherapeutics. Simultaneously, the company experienced a significant increase in General and Administrative (G&A) expenses, which rose to $16.0 million for the three months ended June 30, 2026, from $4.0 million in the comparable prior year period, mainly attributed to legal and separation costs. Furthermore, operating activities used $52.6 million in cash for the six months ended June 30, 2026.
2. Unresolved GSK/Tesaro Litigation and Deflated Upside Optionality. The stock's decline was exacerbated by the lack of an immediate ruling following a breach of contract trial against GSK unit Tesaro, which concluded in July 2026. AnaptysBio is seeking the reversion of Jemperli rights as a remedy from this litigation. The ongoing legal uncertainty, with a judgment not anticipated until fiscal Q4 2026 or fiscal Q1 2027 (calendar Q4 2026 or Q1 2027), disappointed investors who may have factored in a potential positive outcome or windfall from the litigation, thus deflating the perceived upside optionality for the company's future revenue streams.
Show more
AnaptysBio (ANAB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Disappointment over Q2 Fiscal Year 2026 Earnings Composition and Cash Burn. AnaptysBio changed its fiscal year-end from December 31 to June 30 on May 18, 2026. While the company reported robust GAAP earnings per share of $5.11 and revenue of $27.49 million for its fiscal Q2 2026 (ended June 30, 2026, and reported on September 21, 2026), which significantly beat analyst estimates of a loss of $-0.46 and revenue of $14.06 million, investors largely discounted these results. This was due to the headline profit being primarily driven by a non-recurring $181.5 million tax benefit linked to the spin-off of First Tracks Biotherapeutics. Simultaneously, the company experienced a significant increase in General and Administrative (G&A) expenses, which rose to $16.0 million for the three months ended June 30, 2026, from $4.0 million in the comparable prior year period, mainly attributed to legal and separation costs. Furthermore, operating activities used $52.6 million in cash for the six months ended June 30, 2026.
2. Unresolved GSK/Tesaro Litigation and Deflated Upside Optionality. The stock's decline was exacerbated by the lack of an immediate ruling following a breach of contract trial against GSK unit Tesaro, which concluded in July 2026. AnaptysBio is seeking the reversion of Jemperli rights as a remedy from this litigation. The ongoing legal uncertainty, with a judgment not anticipated until fiscal Q4 2026 or fiscal Q1 2027 (calendar Q4 2026 or Q1 2027), disappointed investors who may have factored in a potential positive outcome or windfall from the litigation, thus deflating the perceived upside optionality for the company's future revenue streams.
Show more
Updated on 10/1/2026
AnaptysBio (ANAB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Disappointment over Q2 Fiscal Year 2026 Earnings Composition and Cash Burn. AnaptysBio changed its fiscal year-end from December 31 to June 30 on May 18, 2026. While the company reported robust GAAP earnings per share of $5.11 and revenue of $27.49 million for its fiscal Q2 2026 (ended June 30, 2026, and reported on September 21, 2026), which significantly beat analyst estimates of a loss of $-0.46 and revenue of $14.06 million, investors largely discounted these results. This was due to the headline profit being primarily driven by a non-recurring $181.5 million tax benefit linked to the spin-off of First Tracks Biotherapeutics. Simultaneously, the company experienced a significant increase in General and Administrative (G&A) expenses, which rose to $16.0 million for the three months ended June 30, 2026, from $4.0 million in the comparable prior year period, mainly attributed to legal and separation costs. Furthermore, operating activities used $52.6 million in cash for the six months ended June 30, 2026.
2. Unresolved GSK/Tesaro Litigation and Deflated Upside Optionality. The stock's decline was exacerbated by the lack of an immediate ruling following a breach of contract trial against GSK unit Tesaro, which concluded in July 2026. AnaptysBio is seeking the reversion of Jemperli rights as a remedy from this litigation. The ongoing legal uncertainty, with a judgment not anticipated until fiscal Q4 2026 or fiscal Q1 2027 (calendar Q4 2026 or Q1 2027), disappointed investors who may have factored in a potential positive outcome or windfall from the litigation, thus deflating the perceived upside optionality for the company's future revenue streams.
3. Negative Analyst Revisions and Significant Insider Selling. Several analyst firms adjusted their outlooks on AnaptysBio. JPMorgan Chase & Co. notably reduced its price target from $70.00 to $60.00 on September 30, 2026. Leerink Partners also decreased its price objective from $90.00 to $81.00 on September 23, 2026. Additionally, Scotiabank downgraded the stock to a "hold" rating with a $70.00 price target on August 25, 2026, and Wall Street Zen followed suit with a downgrade from "buy" to "hold" on October 4, 2026. This shift in analyst sentiment, alongside insider selling amounting to nearly $9.94 million over the 12 months leading up to July 15, 2026, further contributed to a decrease in investor confidence.
Show less
AnaptysBio (ANAB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Disappointment over Q2 Fiscal Year 2026 Earnings Composition and Cash Burn. AnaptysBio changed its fiscal year-end from December 31 to June 30 on May 18, 2026. While the company reported robust GAAP earnings per share of $5.11 and revenue of $27.49 million for its fiscal Q2 2026 (ended June 30, 2026, and reported on September 21, 2026), which significantly beat analyst estimates of a loss of $-0.46 and revenue of $14.06 million, investors largely discounted these results. This was due to the headline profit being primarily driven by a non-recurring $181.5 million tax benefit linked to the spin-off of First Tracks Biotherapeutics. Simultaneously, the company experienced a significant increase in General and Administrative (G&A) expenses, which rose to $16.0 million for the three months ended June 30, 2026, from $4.0 million in the comparable prior year period, mainly attributed to legal and separation costs. Furthermore, operating activities used $52.6 million in cash for the six months ended June 30, 2026.
2. Unresolved GSK/Tesaro Litigation and Deflated Upside Optionality. The stock's decline was exacerbated by the lack of an immediate ruling following a breach of contract trial against GSK unit Tesaro, which concluded in July 2026. AnaptysBio is seeking the reversion of Jemperli rights as a remedy from this litigation. The ongoing legal uncertainty, with a judgment not anticipated until fiscal Q4 2026 or fiscal Q1 2027 (calendar Q4 2026 or Q1 2027), disappointed investors who may have factored in a potential positive outcome or windfall from the litigation, thus deflating the perceived upside optionality for the company's future revenue streams.
3. Negative Analyst Revisions and Significant Insider Selling. Several analyst firms adjusted their outlooks on AnaptysBio. JPMorgan Chase & Co. notably reduced its price target from $70.00 to $60.00 on September 30, 2026. Leerink Partners also decreased its price objective from $90.00 to $81.00 on September 23, 2026. Additionally, Scotiabank downgraded the stock to a "hold" rating with a $70.00 price target on August 25, 2026, and Wall Street Zen followed suit with a downgrade from "buy" to "hold" on October 4, 2026. This shift in analyst sentiment, alongside insider selling amounting to nearly $9.94 million over the 12 months leading up to July 15, 2026, further contributed to a decrease in investor confidence.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -29.1% change in ANAB stock from 6/30/2026 to 10/6/2026 was primarily driven by a -29.1% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.50 | 47.89 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 232 | 232 | 0.0% |
| P/S Multiple | 8.3 | 5.9 | -29.1% |
| Shares Outstanding (Mil) | 29 | 29 | 0.0% |
| Cumulative Contribution | -29.1% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| ANAB | -29.1% | |
| Market (SPY) | 4.3% | 4.3% |
| Sector (XLV) | 5.3% | 19.9% |
Fundamental Drivers
The -13.6% change in ANAB stock from 3/31/2026 to 10/6/2026 was primarily driven by a -10.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.46 | 47.89 | -13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 235 | 232 | -0.9% |
| P/S Multiple | 6.6 | 5.9 | -10.0% |
| Shares Outstanding (Mil) | 28 | 29 | -3.2% |
| Cumulative Contribution | -13.6% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| ANAB | -13.6% | |
| Market (SPY) | 20.1% | 17.5% |
| Sector (XLV) | 14.5% | 14.1% |
Fundamental Drivers
The 56.4% change in ANAB stock from 9/30/2025 to 10/6/2026 was primarily driven by a 88.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.62 | 47.89 | 56.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 123 | 232 | 88.7% |
| P/S Multiple | 7.2 | 5.9 | -17.5% |
| Shares Outstanding (Mil) | 29 | 29 | 0.4% |
| Cumulative Contribution | 56.4% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| ANAB | 56.4% | |
| Market (SPY) | 17.9% | 19.2% |
| Sector (XLV) | 21.6% | 17.4% |
Fundamental Drivers
The 166.6% change in ANAB stock from 9/30/2023 to 10/6/2026 was primarily driven by a 1696.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.96 | 47.89 | 166.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 232 | 1696.6% |
| P/S Multiple | 37.0 | 5.9 | -84.0% |
| Shares Outstanding (Mil) | 27 | 29 | -7.2% |
| Cumulative Contribution | 166.6% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| ANAB | 166.6% | |
| Market (SPY) | 88.5% | 17.3% |
| Sector (XLV) | 35.9% | 21.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANAB Return | 62% | -11% | -31% | -38% | 266% | 1% | 129% |
| Peers Return | 8% | 7% | 5% | 14% | 45% | 4% | 108% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| ANAB Win Rate | 75% | 50% | 25% | 58% | 75% | 50% | |
| Peers Win Rate | 53% | 57% | 52% | 47% | 67% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ANAB Max Drawdown | -46% | -48% | -55% | -68% | -31% | -31% | |
| Peers Max Drawdown | -35% | -35% | -35% | -29% | -33% | -27% | |
| 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 10/6/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| 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. (ANAB) is a clinical-stage biotechnology company dedicated to the discovery and development of novel therapeutic product candidates. The company primarily focuses on creating antibody-based treatments for conditions falling under the categories of inflammation and immuno-oncology, aiming to address significant unmet medical needs in these areas.
The company's pipeline features several key antibody programs. Imsidolimab is an antibody designed to inhibit the interleukin-36 receptor, targeting a range of dermatological inflammatory diseases. Rosnilimab is an anti-PD-1 agonist antibody program engineered to augment PD-1 signaling, intending to suppress T-cell driven human inflammatory diseases. Furthermore, ANB032 is an anti-BTLA modulator antibody with potential applications in inflammatory diseases linked to lymphoid and myeloid immune cell dysregulation. AnaptysBio also leverages its expertise through collaborations, advancing additional antibody programs with partners such as GlaxoSmithKline and Bristol-Myers Squibb.
AnaptysBio's primary market encompasses patients suffering from various inflammatory and immuno-oncology conditions, particularly those involving dermatological issues and immune cell dysregulation. As a clinical-stage company, its "products" are its drug candidates in development, with the ultimate goal of providing new therapeutic options to healthcare providers and patients within these specialized medical fields.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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
AI Analysis | Feedback
null
AI Analysis | Feedback
```html
```
Daniel 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
null
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
Peer Outperformance in Biotechnology
ANAB has outperformed 87% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that ANAB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 453 industry peers · 58.3% return
3Y
82%
of 401 industry peers · 148.8% return
5Y
87%
of 361 industry peers · 73.8% return
No Biotechnology peer with a comparable growth profile has beaten ANAB by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ANAB's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 14.6% | 45.3% | 93.9% | CAH 427% · MCK 373% · COR 181% |
| Health Care Facilities | 24 | 0.4% | 5.6% | 9.6% | THC 307% · NHC 280% · ENSG 140% |
| Health Care Services | 20 | 20.8% | 36.1% | 8.3% | HIMS 296% · RDNT 144% · DGX 75% |
| Managed Health Care | 8 | 27.5% | -7.2% | 3.4% | OSCR 101% · HQY 40% · ELV 13% |
| Health Care Equipment | 50 | -8.4% | -2.5% | -18.3% | POCI 11150% · UFPT 370% · GKOS 252% |
| Pharmaceuticals | 62 | -7.8% | -6.9% | -32.6% | INDV 1105% · ETON 1034% · LQDA 842% |
| Health Care Supplies | 11 | 12.8% | -11.8% | -42.2% | LNTH 301% · HAE 51% · MMSI 17% |
| Life Sciences Tools & Services | 109 | -10.6% | -13.2% | -64.8% | SNWV 2022% · NTRA 244% · MEDP 212% |
| Biotechnology ← | 362 | -18.0% | -26.3% | -79.4% | CELZ 1186% · DNTH 1091% · ELVN 1027% |
| Health Care Technology | 20 | -31.9% | -55.1% | -80.7% | SPOK 79% · HSTM 11% · VEEV -2% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 168.34 |
| Mkt Cap | 26.3 |
| Rev LTM | 5,312 |
| Op Inc LTM | 1,420 |
| FCF LTM | 1,355 |
| FCF 3Y Avg | 626 |
| CFO LTM | 1,446 |
| CFO 3Y Avg | 694 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 61.0% |
| Rev Chg 3Y Avg | 35.4% |
| Rev Chg Q | 27.2% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Inc Chg LTM | 128.5% |
| Op Inc Chg 3Y Avg | 132.5% |
| Op Mgn LTM | 29.2% |
| Op Mgn 3Y Avg | 12.1% |
| QoQ Delta Op Mgn LTM | 2.2% |
| CFO/Rev LTM | 24.6% |
| CFO/Rev 3Y Avg | 14.6% |
| FCF/Rev LTM | 20.0% |
| FCF/Rev 3Y Avg | 12.4% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Royalty Management | 53 | 235 | 91 | 17 | |
| Biopharma | 0 | 0 | 0 | ||
| Research and development activities to deliver immunology therapeutics for autoimmune and | 10 | ||||
| Total | 53 | 235 | 91 | 17 | 10 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Royalty Management | 32 | 227 | 66 | -46 | |
| Biopharma | -179 | -181 | -118 | ||
| Research and development activities to deliver immunology therapeutics for autoimmune and | -115 | ||||
| Total | 32 | 48 | -115 | -164 | -115 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Royalty Management | 176 | 153 | 18 | -57 | |
| Biopharma | -166 | -164 | -106 | ||
| Research and development activities to deliver immunology therapeutics for autoimmune and | -129 | ||||
| Total | 176 | -13 | -145 | -164 | -129 |
Price Behavior
Price Behavior
| Market Price | $47.89 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 01/26/2017 | |
| Distance from 52W High | -31.8% | |
| 50 Days | 200 Days | |
| DMA Price | $54.77 | $56.36 |
| DMA Trend | up | down |
| Distance from DMA | -12.6% | -15.0% |
| 3M | 1YR | |
| Volatility | 56.8% | 66.2% |
| Downside Capture | 108.30 | 107.81 |
| Upside Capture | -87.24 | 141.47 |
| Correlation (SPY) | 5.0% | 19.4% |
ANAB Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.96 | 0.96 | 0.25 | 1.01 | 1.05 | 0.83 |
| Up Beta | 0.62 | 1.03 | 3.17 | 2.39 | 1.10 | 0.62 |
| Down Beta | 3.79 | 3.97 | -2.63 | -1.62 | -0.19 | 0.27 |
| Up Capture | 18% | 37% | -66% | 90% | 273% | 256% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 17 | 25 | 58 | 128 | 365 |
| Down Capture | 186% | 107% | 95% | 156% | 106% | 105% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 25 | 39 | 68 | 122 | 382 |
[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 | 55.1% | 66.1% | 0.93 | - |
| Sector ETF (XLV) | 16.9% | 15.7% | 0.79 | 16.7% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 19.1% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 9.4% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -6.9% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 7.1% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 12.8% | 66.8% | 0.46 | - |
| Sector ETF (XLV) | 7.1% | 15.2% | 0.28 | 23.5% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 22.0% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 3.2% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | -4.5% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 18.2% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANAB | |
|---|---|---|---|---|
| ANAB | 11.1% | 75.3% | 0.50 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 24.5% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 23.6% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 3.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 5.5% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 17.7% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -4.4% | -8.9% | -17.3% |
| 3/3/2026 | 14.6% | 17.4% | 7.4% |
| 1/9/2026 | 9.8% | 2.3% | 12.5% |
| 11/4/2025 | 3.6% | -3.4% | 27.7% |
| 8/6/2025 | -9.6% | -8.1% | -2.8% |
| 5/5/2025 | -2.9% | -3.4% | 2.6% |
| 2/27/2025 | 2.6% | 0.0% | 15.5% |
| 11/5/2024 | 11.7% | 8.1% | 19.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 15 | 15 | 15 |
| Median Positive | 7.8% | 4.4% | 12.3% |
| Median Negative | -4.3% | -6.4% | -13.7% |
| Max Positive | 14.6% | 17.4% | 27.7% |
| Max Negative | -23.1% | -23.6% | -18.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | -4.4% | -8.9% | -17.3% |
| 3/3/2026 | 14.6% | 17.4% | 7.4% |
| 1/9/2026 | 9.8% | 2.3% | 12.5% |
| 11/4/2025 | 3.6% | -3.4% | 27.7% |
| 8/6/2025 | -9.6% | -8.1% | -2.8% |
| 5/5/2025 | -2.9% | -3.4% | 2.6% |
| 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% |
| 5/9/2024 | -10.8% | -2.9% | -10.0% |
| 3/11/2024 | 11.6% | -0.8% | -5.1% |
| 1/5/2024 | 5.3% | 8.1% | 12.1% |
| 11/2/2023 | 8.2% | -8.0% | -3.8% |
| 8/7/2023 | 2.7% | 4.4% | 7.9% |
| 5/11/2023 | -6.3% | -8.8% | -9.6% |
| 3/1/2023 | -2.4% | -6.4% | -15.8% |
| 1/5/2023 | -23.1% | -23.6% | -14.5% |
| 11/8/2022 | -0.9% | 1.3% | -4.6% |
| 8/8/2022 | -5.6% | 4.4% | 7.7% |
| 5/4/2022 | -11.1% | -12.3% | -13.9% |
| 3/7/2022 | -0.8% | -5.4% | -15.9% |
| 11/4/2021 | 7.5% | -3.6% | -11.2% |
| 8/9/2021 | -2.4% | -0.8% | 13.4% |
| 5/4/2021 | 3.7% | 9.6% | 1.4% |
| 2/25/2021 | 10.5% | 8.3% | -18.4% |
| 11/4/2020 | -1.3% | 0.9% | -18.5% |
| 8/10/2020 | -4.3% | -8.4% | -13.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 15 | 15 | 15 |
| Median Positive | 7.8% | 4.4% | 12.3% |
| Median Negative | -4.3% | -6.4% | -13.7% |
| Max Positive | 14.6% | 17.4% | 27.7% |
| Max Negative | -23.1% | -23.6% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/21/2026 | 10-KT |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/21/2026 | 10-KT |
| 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 |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/07/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | Reported | 390.00 Mil | 0 | Affirmed | Guidance: 390.00 Mil for 2029 | |||
| Q2 2027 Debt Paydown | Reported | 325.00 Mil | ||||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Annualized Jemperli Royalties | Reported | 390.00 Mil | 0 | Affirmed | Guidance: 390.00 Mil for 2031 | |||
| 2029 GSK Peak Sales Guidance | Reported | 2.70 Bil | 0 | Affirmed | Guidance: 2.70 Bil for 2031 | |||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Commercial Sales Milestone | Reported | 75.00 Mil | ||||||
| 2025 Cash and Investments | Reported | 300.00 Mil | ||||||
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Renton, Hollings | Direct | Sell | 10022026 | 49.87 | 5,000 | 249,372 | 548,368 | Form | |
| 2 | Schmid, John P | Direct | Sell | 4012026 | 56.11 | 20,645 | 1,158,451 | 1,774,403 | Form | |
| 3 | Faga, Daniel | President, CEO | Direct | Sell | 3272026 | 61.61 | 17,679 | 1,089,199 | 30,556,279 | Form |
| 4 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 2132026 | 54.00 | 10,000 | 540,000 | 693,090 | Form |
| 5 | Marquet, Magda | Direct | Sell | 1162026 | 48.23 | 11,000 | 530,531 | 478,925 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Renton, Hollings | Direct | Sell | 10022026 | 49.87 | 5,000 | 249,372 | 548,368 | Form | |
| 2 | Schmid, John P | Direct | Sell | 4012026 | 56.11 | 20,645 | 1,158,451 | 1,774,403 | Form | |
| 3 | Faga, Daniel | President, CEO | Direct | Sell | 3272026 | 61.61 | 17,679 | 1,089,199 | 30,556,279 | Form |
| 4 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 2132026 | 54.00 | 10,000 | 540,000 | 693,090 | Form |
| 5 | Marquet, Magda | Direct | Sell | 1162026 | 48.23 | 11,000 | 530,531 | 478,925 | Form | |
| 6 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1092026 | 44.71 | 3,650 | 163,192 | 1,881,754 | Form |
| 7 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 1092026 | 44.71 | 2,515 | 112,446 | 977,003 | Form |
| 8 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 1092026 | 44.71 | 2,210 | 98,809 | 573,853 | Form |
| 9 | Faga, Daniel | President, CEO | Direct | Sell | 1092026 | 44.71 | 14,281 | 638,504 | 21,431,470 | Form |
| 10 | Faga, Daniel | President, CEO | Direct | Sell | 1062026 | 43.26 | 15,309 | 662,267 | 19,819,093 | Form |
| 11 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 1062026 | 43.26 | 3,363 | 145,483 | 619,916 | Form |
| 12 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 1062026 | 43.26 | 4,219 | 182,514 | 1,440,688 | Form |
| 13 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 1062026 | 43.26 | 2,983 | 129,045 | 573,238 | Form |
| 14 | Ware, J. Anthony | Direct | Sell | 12232025 | 49.58 | 3,900 | 193,342 | 477,407 | Form | |
| 15 | Lizzul, Paul F | Chief Medical Officer | Direct | Sell | 12232025 | 50.00 | 1,500 | 75,000 | 1,348,350 | Form |
| 16 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 12232025 | 50.00 | 10,000 | 500,000 | 470,050 | Form |
| 17 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12232025 | 51.00 | 10,000 | 510,000 | 456,297 | Form |
| 18 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 46.99 | 141 | 6,626 | 420,420 | Form |
| 19 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 46.00 | 10,000 | 460,000 | 418,048 | Form |
| 20 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 12182025 | 44.86 | 12,500 | 560,800 | 407,724 | Form |
| 21 | Mulroy, Dennis | CHIEF FINANCIAL OFFICER | Direct | Sell | 12182025 | 44.85 | 15,725 | 705,333 | 421,675 | Form |
| 22 | Loumeau, Eric J | CHIEF LEGAL OFFICER | Direct | Sell | 10012025 | 29.00 | 8,240 | 238,960 | 263,552 | Form |
Investor Activity (13F)
Updated Oct 7, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 10/6/2026