** 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
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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