AnaptysBio rises after H.C. Wainwright upgrades to 'buy' on arthritis drug progress

Shares of drug developer AnaptysBio ANAB.O up 3.3% at $24.30 premarket

H.C. Wainwright upgrades rating to "buy" from "neutral"; raises PT to $38 from $22, representing 61.6% upside to stock's last close

ANAB said late on Tuesday its arthritis drug showed low disease activity, meeting main goal in mid-stage study over six months to treat patients with moderate-to-severe rheumatoid arthritis

Company said rosnilimab patients showed significant reductions in mean change from baseline on scale commonly used to measure disease progression

"We currently assume value for rosnilimab for treatment of RA with 50%," H.C. Wainwright says

Brokerage sees additional indications such as ulcerative colitis for drug and assets in development as upside to PT

As of last close, stock up 77.6% YTD