Catching up with mgmt post trial - key timelines and scenarios ahead

研报英文原文证据摘录

Catching up with mgmt post trial - key timelines and scenarios ahead

Global Research

22 July 2026ab

First Read

EquitiesAnaptysBio Inc

Catching up with mgmt post trial - key timelines United States

and scenarios ahead Biotechnology

12-month rating Buy

12m price target US$76.00

We caught up with ANAB management following the trial last week in the

litigation between AnaptysBio and GSK. Stock has pulled back as many investors

were expecting a settlement to be announced around the trial. Relative to investor Price (22 Jul 2026) US$53.76

expectations, settlement now appears less likely although still possible, such as if the RIC: ANAB.O BBG: ANAB US

Chancellor rules in favor of Anaptys and instructs the parties to come up with an

arrangement that preserves Jemperli's commercial progress, i.e., some form of Trading data and key metrics

settlement. Mgmt. remains confident in the merits of their claims and the strength of 52-wk range US$70.22-19.40

the evidence presented at trial and they are working on the post-trial briefs ahead of oral Market cap. US$1.55b

arguments in late September/early October. Shares o/s 28.8m (COM)

Free float 92%

We see an attractive opportunity here on a fundamental basis as GSK has Avg. daily volume ('000) 676

additional pipeline readouts for Jemperli that we do not think are contemplated in Avg. daily value (m) US$40.8

consensus estimates and represent upside to current levels such as Phase II AZUR-4 data Common s/h equity (12/26E) US$-0.01b

in neoadjuvant MMRp/MSS colon cancer est. PCD YE/26 and Phase III JADE data in P/BV (12/26E) NM

locally-advanced HNSCC in 2028. Recently GSK also read out positive Phase III locally- Net debt to EBITDA (12/26E) 1.2x

advanced dMMR/MSI-H rectal cancer data for Jemperli which hit on the interim showing