A lawsuit was filed on behalf of investors in AnaptysBio, Inc. (NASDAQ: ANAB) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/08/2020 -- An investor, who purchased NASDAQ: ANAB shares, filed a lawsuit against AnaptysBio, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of AnaptysBio, Inc. (NASDAQ: ANAB) have certain options and for certain investors are short and strict deadlines running. Deadline: May 25, 2020. NASDAQ: ANAB investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
San Diego, CA based AnaptysBio, Inc., a clinical stage biotechnology company, engages in developing antibody product candidates focused on unmet medical needs in inflammation. AnaptysBio, Inc's lead drug asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases.
On March 26, 2018, 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."
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.
The plaintiff claims that between October 10, 2017 and November 7, 2019, the 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, that in truth, the 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, and that as a result of Defendants' misrepresentations, shares of AnaptysBio common stock traded at artificially inflated prices between October 10, 2017 and November 7, 2019.
Those who purchased shares of AnaptysBio, Inc. (NASDAQ: ANAB) have certain options and should contact the Shareholders Foundation.
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