NEW YORK, March 27, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against AnaptysBio, Inc. (“AnaptysBio” or the “Company”) (NASDAQ: ANAB) in the United States District Court for the Southern District of California on behalf of those who purchased or acquired the securities of AnaptysBio between  August 10, 2017 and November 7, 2019, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for AnaptysBio investors under the federal securities laws.

The Complaint alleges that 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.

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.

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.

Investors who purchased or otherwise acquired shares of AnaptysBio during the Class Period should contact the Firm prior to the May 26, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.