LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming May 26, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired AnaptysBio, Inc. ("AnaptysBio" or the Company") (NASDAQ: ANAB) securities between October 10, 2017 and November 7, 2019, inclusive (the “Class Period”).
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On March 26, 2018, AnaptysBio revealed data from an interim analysis of a Phase 2a trial for etokimab in adult patients with peanut allergies. Though 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 accuracy of that data.
On this news, the Company’s share price fell $6.31 per share, or over 5%, to close at $107.52 per share on March 27, 2018, thereby injuring investors.
Then on June 21, 2019, an analyst from Credit Suisse issued a report questioning the accuracy of the Company's Phase 2a atopic dermatitis data, concluding that due to lack of critical details provided by the Company as well as the study’s small sample size, "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." Thus, Credit Suisse downgraded AnaptysBio stock to neutral from outperform and slashed its price target to $79 from $137.
On this news, the Company’s share price fell $7.78 per share, or over 11%, to close at $59.24 per share on June 21, 2019.
Finally, on November 8, 2019, the Company 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 disclosed 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, the Company’s share price fell $25.98 per share, or over 71%, to close at $10.18 per share on November 8, 2019, thereby injuring investors further.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) important data from the Company’s Phase 2a trial in atopic dermatitis, including the timing and extent of patients’ use of topical corticosteroids as a rescue therapy during the study and whether any of the patients that utilized rescue therapy were classified as responders at a given time; (2) key information from the Company’s Phase 2a trial in peanut allergy, including patients’ average cumulative peanut dose tolerated at day 14 after the administration of etokimab or placebo as well as whether the Company’s decision to exclude 20% of the patients enrolled in the study from the interim analysis due to their mild symptoms was retrospective; and (3) as a result, Defendants’ positive statements about the efficacy and prospects of AnaptysBio’s lead drug asset in the treatment of atopic dermatitis and peanut allergy were materially false and/or misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired AnaptysBIO securities during the Class Period, you may move the Court no later than May 26, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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