Why AnaptysBio Stock Zoomed Nearly 8% Higher This Week
Many stocks were wobbly over the past few trading days, but we can't say that about biotech (NASDAQ: ANAB). The company's shares closed the week almost 8% higher in price, according to data compiled by S&P Global Market Intelligence, largely on the strength of a research note published by a high-profile and influential bank.
That occurred on Thursday before market open, when Wells Fargo initiated coverage of AnaptysBio stock with an overweight -- buy, in other words -- recommendation at a target price of $56 per share. That's a very bullish take on the company, as its most recent closing price of $22.71 is less than half that figure.
In the bank's view, the biotech is sorely undervalued as the company's pipeline is something of a sleeper among investors.
Source Fool.com
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