AnaptysBio (ANAB) Shares Plunge as Eli Lilly Ends Arthritis Drug Research

Oct 30, 2024

AnaptysBio (ANAB, Financial) shares fell over 20%, trading at $24.455. The decline followed Eli Lilly's (LLY) decision to halt research on a similar arthritis therapy using their PD-1 agonist antibody, Peresolimab. AnaptysBio is developing a comparable treatment.

In July, H.C. Wainwright initiated coverage on AnaptysBio with a "buy" rating and a target price of $55, suggesting that AnaptysBio's PD-1 agonist, rosnilimab, could outperform Peresolimab. Preliminary data from rosnilimab's trials are anticipated in the first quarter of 2025.

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