NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors AnaptysBio, Inc. ("AnaptysBio" or the "Company") (NASDAQ: ANAB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether AnaptysBio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 26, 2018, AnaptysBio announced data from an interim analysis of a Phase 2a trial for etokimab in adult patients with peanut allergies. Although the Company reported improvement among patients who received a single dose of etokimab compared to patients dosed with a placebo, later that day, an analyst from RBC Capital Markets issued a report that questioned the veracity of that data. On this news, AnaptysBio's stock price fell $6.31 per share, or 5.54%, to close at $107.52 per share on March 27, 2018.
On August 27, 2018, AnaptysBio announced that it had deprioritized further clinical development of etokimab as a treatment for peanut allergy, but continued to tout the efficacy of etokimab in the treatment of atopic dermatitis, touting the purported "timeline and robustness" of a single dose of etokimab and describing the drug's treatment of patients in its Phase 2a clinical trial in this indication as a "truly remarkable result" with "widespread efficacy." However, on June 21, 2019, an analyst from Credit Suisse issued a report questioning the veracity of the Company's Phase 2a atopic dermatitis data, concluding that due to the study's small sample size and lack of critical details provided by the Company, "we must consider the possibility that the presence of rescue medications could have influenced the trial's response rates" and "we are now less certain about etokimab's efficacy profile." Accordingly, Credit Suisse downgraded AnaptysBio stock to neutral from outperform and slashed its price target to $79 from $137. On this news, AnaptysBio's stock price fell $7.78 per share, or 11.61%, to close at $59.24 per share on June 21, 2019.
Finally, on November 8, 2019, AnaptysBio announced "very disappoint[ing]" data from its ATLAS trial, a Phase 2b multi-dose study which evaluated the efficacy of etokimab in patients with moderate-to-severe atopic dermatitis. Specifically, AnaptysBio revealed that each of the etokimab dosing arms "failed to meet the primary endpoint of the trial" and revealed that, as a result of this data, it had postponed the initiation of its Phase 2b etokimab clinical trial in asthma. On this news, AnaptysBio's stock price fell $25.98 per share, or 71.85%, to close at $10.18 per share on November 8, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP