Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of investors that purchased AnaptysBio, Inc. (NASDAQ: ANAB) securities between August 10, 2017 and November 7, 2019 (the "Class Period"). Investors have until May 26, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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During the Class Period, the Company’s lead asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases. On October 10, 2017—the first day of the Class Period—the Company reported data from an interim analysis of its Phase 2a clinical trial of etokimab in atopic dermatitis.
The complaint, filed on March 25, 2020, alleges that, throughout the Class Period, defendants made false and misleading statements regarding the purported efficacy of etokimab, touting data from the Company’s Phase 2a trial in peanut allergies as showing a "remarkable efficacy result" and describing the drug as having a "pretty profound efficacy" in its treatment of patients with atopic dermatitis based on AnaptysBio’s Phase 2a trial data for that indication. In truth, Defendants provided misleading clinical trial data which failed to disclose key information and used questionable analysis, making the trial results regarding etokimab’s efficacy and its prospects appear far better than they were. As a result of Defendants' misrepresentations, shares of AnaptysBio common stock traded at artificially inflated prices throughout the Class Period.
The truth emerged through a series of disclosures, beginning on March 26, 2018, when an analyst from RBC Capital Markets issued a report that questioned the veracity of data from AnaptysBio’s interim analysis of its Phase 2a clinical trial for etokimab in adult patients with peanut allergies that the Company had reported earlier that day. In particular, the RBC report revealed that the response rate for etokimab in the full trial population "does not appear to be meaningfully differentiated" relative to a placebo. Less than five months later, in August 2018, the Company abandoned its clinical pursuit of etokimab as a treatment for peanut allergies.
Then, on June 21, 2019, an analyst from Credit Suisse issued a report questioning the reliability of the Company's Phase 2a atopic dermatitis trial data. Specifically, the Credit Suisse report questioned patients’ use of topical corticosteroids to supplement treatment of their symptoms as a rescue therapy during the study and criticized the Company's failure to provide details on the timing of rescue therapy use or whether the subjects that utilized rescue therapy were classified as responders. As a result of the Company's misleading atopic dermatitis trial data, Credit Suisse was "now less certain about etokimab’s efficacy profile, particularly in atopic dermatitis."
On this news, the price of AnaptysBio common stock declined nearly 12%, from a closing price of $67.02 per share on June 20, 2019, to a closing price of $59.24 per share on June 21, 2019.
Then, 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 approximately 300 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" by not demonstrating statistically greater efficacy relative to a placebo. As a result of these disclosures, the price of AnaptysBio common stock declined precipitously.
On this news, the price of AnaptysBio common stock declined nearly 72%, from a closing price of $36.16 per share on November 7, 2019, to a closing price of $10.18 on November 8, 2019.
If you purchased AnaptysBio, Inc. securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.