AnaptysBio (ANAB) Stock Forecast & Price Target

AnaptysBio is positioned well because Jemperli remains its key value driver, with global net sales of $331M in 2Q26, up 26% YoY, and $644M in 1H26, up 34% YoY, while management still expects more than $390M of annualized royalties as early as 2029. The Canadian review acceptance and FDA priority review for rectal cancer add regulatory momentum to a potentially meaningful label expansion, supported by AZUR-1 data showing sustained clinical complete responses for at least 12 months and detailed results due at ESMO on October 25. Beyond Jemperli, Quimilza’s FDA review with a December 12, 2026 PDUFA date and a 10% royalty opportunity provide additional upside, while the ongoing GSK dispute and long patent life through 2035 to 2037 support durable royalty visibility.

AnaptysBio is viewed negatively because its valuation depends heavily on uncertain clinical and royalty-driven upside, while several material risks could impair those catalysts. The company faces the possibility of failed or inconclusive Jemperli trials, regulatory risk for Jemperli label expansion and the submitted BLA for imsidolimab, and ongoing litigation with GSK that could eliminate royalty upside if the court rules in GSK’s favor. Weak commercial uptake, intensifying PD-1/PD-L1 competition, or financial results below expectations could pressure royalty growth and overall valuation, and although additional capital is not currently projected, these risks could force a raise.