AnaptysBio, Inc.

On March 26, 2018, AnaptysBio revealed data from an interim analysis of a Phase 2a trial for etokimab in adult patients with peanut allergies. Though the Company reported improvement among patients who received a single dose of etokimab compared to patients dosed with a placebo, later that day, an analyst from RBC Capital Markets issued a report that questioned the accuracy of that data.

On this news, the Company’s share price fell $6.31 per share, or over 5%, to close at $107.52 per share on March 27, 2018, thereby injuring investors.

Then on June 21, 2019, an analyst from Credit Suisse issued a report questioning the accuracy of the Company's Phase 2a atopic dermatitis data, concluding that due to lack of critical details provided by the Company as well as the study’s small sample size, "we must consider the possibility that the presence of rescue medications could have influenced the trial's response rates" and "we are now less certain about etokimab's efficacy profile." Thus, Credit Suisse downgraded AnaptysBio stock to neutral from outperform and slashed its price target to $79 from $137. 

On this news, the Company’s share price fell $7.78 per share, or over 11%, to close at $59.24 per share on June 21, 2019.

Finally, 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 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" and revealed that, as a result of this data, it had postponed the initiation of its Phase 2b etokimab clinical trial in asthma.

On this news, the Company’s share price fell $25.98 per share, or over 71%, to close at $10.18 per share on November 8, 2019, thereby injuring investors further.