AnaptysBio (ANAB) has announced results from its highly anticipated Phase 2b clinical trial evaluating rosnilimab for moderate-to-severe rheumatoid arthritis (RA), but the data has sparked debate among industry analysts. While the study achieved its primary endpoint measuring Disease Activity Score 28-C-Reactive Protein (DAS-28 CRP) and met key secondary endpoints, questions have emerged about data interpretation and trial methodology.
Efficacy Results and Competitive Landscape
The trial results revealed that rosnilimab's efficacy profile was numerically comparable to peresolimab, a competing therapy in the RA space. This similarity has led analysts at Truist to characterize rosnilimab as a "me-too" product in the rheumatoid arthritis market, potentially limiting its competitive advantage.
Methodological Concerns
A significant point of controversy has emerged regarding the trial's methodology, specifically concerning the handling of the placebo group after the double-blinded study period through week 12. This has raised questions about the validity of the week 14 data, according to Truist analysts. The lack of clarity in this aspect of the trial design has introduced uncertainty into the interpretation of the drug's efficacy results.
Market Impact and Analyst Perspective
In light of these findings, Truist has maintained its Hold rating on AnaptysBio shares, with a price target of $20. The investment firm's cautious stance reflects broader market concerns about the drug's differentiation in an increasingly competitive RA therapeutic landscape and questions surrounding the trial's execution.
The development highlights the critical importance of robust trial design and transparent data handling in clinical studies, particularly in a therapeutic area as competitive as rheumatoid arthritis, where multiple treatment options are already available or in development.
