AnaptysBio investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, AnaptysBio is a clinical stage biotechnology company focused on the discovery and development of drugs for the treatment of inflammation and immuno-oncology conditions with unmet medical needs. During the Class Period, AnaptysBio’s lead asset was etokimab (formerly ANB020), a drug intended for the treatment of various inflammatory diseases. The Class Period commences on October 10, 2017, when AnaptysBio reported data from an interim analysis of its Phase 2a clinical trial of etokimab in atopic dermatitis and touted the “positive” data as “provid[ing] a solid foundation for the continued development of [etokimab] across a number of atopic diseases.” Further, AnaptysBio described the drug’s efficacy as “very encourag[ing]” and told investors that “we believe we can build on that with multidosing … in a Phase IIb study, we anticipate that we can get to even greater [Eczema Area and Severity Index] EASI scores.”
The truth began to be disclosed on March 26, 2018, when AnaptysBio announced data from an interim analysis of a Phase 2a trial for etokimab in adult patients with peanut allergies. AnaptysBio reported improvement among patients that received a single dose of etokimab compared to patients dosed with a placebo. However, later that day, an analyst from RBC Capital Markets issued a report that questioned the veracity of that data. Following this news, the price of AnaptysBio common stock declined nearly 6%, from a closing price of $113.83 per share on March 26, 2018, to a closing price of $107.52 on March 27, 2018.
Then, on June 21, 2019, an analyst from Credit Suisse issued a report questioning the veracity of AnaptysBio’s Phase 2a atopic dermatitis data. Credit Suisse questioned the patients’ use of topical corticosteroids to supplement treatment of their symptoms as a rescue therapy during the study and criticized AnaptysBio’s failure to provide details on the timing of rescue therapy use or whether the subjects that utilized rescue therapy were classified as responders during the trial. Following 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.
Finally, on November 8, 2019, AnaptysBio 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 revealed that each of the etokimab dosing arms “failed to meet the primary endpoint of the trial, which was demonstration of statistically greater improvement in the [EASI] relative placebo at week 16.” AnaptysBio also revealed that, as a result of this data, it had postponed the initiation of its Phase 2b etokimab clinical trial in asthma. Following 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.
The complaint alleges that, throughout the Class Period, The defendants willfully or recklessly made and/or caused AnaptysBio to make materially false and misleading statements to the investing public that failed to disclose (i) important data from AnaptysBio’s Phase 2a trial in atopic dermatitis, including the timing and extent of patients’ use of topical corticosteroids as a rescue therapy during the study and whether any of the patients that utilized rescue therapy were classified as responders at a given time; and (ii) key information from AnaptysBio’s Phase 2a trial in peanut allergy, including patients’ average cumulative peanut dose tolerated at day 14 after the administration of etokimab or placebo as well as whether AnaptysBio’s decision to exclude 20% of the patients enrolled in the study from the interim analysis due to their mild symptoms was retrospective.
If you are a member of the class described above, you may no later than May 26, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning the attached form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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