AnaptysBio Earnings: Why ANAB Stock Is Plunging 72%

ANAB's etokimab ATLAS trial didn't meet expectations

AnaptysBio (NASDAQ:ANAB) earnings for the antibody development company’s third quarter of 2019 have ANAB stock taking a dive on Friday. The company’s losses per share come in at -$1.15, which is what Wall Street was expecting. ANAB also reported no revenue during the quarter. That’s a far cry from the $3.11 million analysts’ were estimating.

AnaptysBio Earnings: Why ANAB Stock Is Plunging 72%
Source: Pavel Kapysh / Shutterstock.com

Let’s take a closer look at the most recent AnaptysBio earnings report.

  • Per-share losses are 74.24% wider than the -66 cents from the same time last year.
  • The lack of revenue during the quarter is a massive shift from $5 million in the third quarter of 2018.
  • Loss from operations comes in at -$33.75 million.
  • That’s an almost 100% increase in operating loss compared to -$16.89 million in the same period of the year prior.
  • The AnaptysBio earnings report also sees the inclusion of -$31.03 million in net loss.
  • This is 94.42% worse than its net loss of -$15.96 million in Q3 2018.

Hamza Suria, President and CEO of AnaptysBio, explains that there was more bad news for ANAB stock in the Q3 earnings report.

“While we are disappointed with the top-line results of our etokimab ATLAS trial, we intend to re-evaluate our etokimab development strategy following additional data from ATLAS and top-line results from ECLIPSE in the first quarter of 2020. We look forward to advancing ANB019, ANB030 and additional preclinical programs in our wholly-owned pipeline.”

ANAB stock was down 71.85% when markets closed on Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/11/anaptysbio-earnings-hammer-anab-stock/.

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