AnaptysBio plunges as Eli Lilly drops arthritis drug from pipeline

AnaptysBio (NASDAQ:ANAB), which is advancing an arthritis therapy similar to Eli Lilly’s (NYSE:LLY) PD-1 agonist peresolimab, sold off in the premarket on Wednesday after the Indiana-based pharma giant announced its decision to discontinue studies into the arthritis candidate.

Eli Lilly (NYSE:LLY) disclosed with its Q3 2024 financials on Wednesday that peresolimab, which was undergoing trials for rheumatoid arthritis, will be removed from its pipeline.

In July, H.C. Wainwright initiated coverage of AnaptysBio (NASDAQ:ANAB) with a buy rating and a price target of $55, arguing that its PD-1 agonist, rosnilimab targeted at RA as well as ulcerative colitis (UC) might have a better efficacy than peresolimab.

With its Q2 2024 results in August, San Diego, California-based ANAB indicated an accelerated timeline for the program, noting that topline data from a Phase 2b trial for rosnilimab in RA is now expected in Q1 2025 compared to mid-2025-H1 2026, previously.