• AnaptysBio recently filed a partial motion to dismiss Tesaro’s anticipatory breach of contract claim in Delaware Chancery Court, while a trial covering all remaining issues in their collaboration dispute is scheduled for July 14–17, 2026.
• The company has also announced plans to separate its biopharma operations from its sizeable royalty assets by the end of 2026, signaling a potential shift in how investors assess its underlying business drivers.
• We will now examine how AnaptysBio’s plan to separate its biopharma operations from royalty assets may influence its broader investment narrative.

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What Is AnaptysBio's Investment Narrative?

To own AnaptysBio, you need to be comfortable backing a complex story built on high-value royalty assets, an unprofitable biopharma engine and active capital allocation, including sizeable buybacks. The planned separation of the biopharma operations from the royalty portfolio by the end of 2026 goes to the heart of that thesis, because it could change how the market weighs cash flow visibility against clinical and financing risk. The latest litigation update with Tesaro, including the partial motion to dismiss, looks more procedural than thesis-changing for now, so the near term focus still sits on pipeline progress after the recent rosnilimab setback, cash burn, and the sustainability of buybacks given negative equity and a rich sales multiple. That mix of support and strain is what investors need to weigh.

However, one area in particular could materially affect how secure that support really is. Despite retreating, AnaptysBio's shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

The single US$66.00 fair value estimate from the Simply Wall St Community underlines how even one private view can differ from market pricing. Set this against the planned business separation and ongoing losses, and you can see why many participants may want to compare several competing narratives before forming a view.

Explore another fair value estimate on AnaptysBio - why the stock might be worth just $66.00!

Build Your Own AnaptysBio Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your AnaptysBio research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free AnaptysBio research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AnaptysBio's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.