AnaptysBio's (ANAB) recent announcement of its decision to explore a split into two companies seems a "bit awkward, if not premature" amid "moving parts" on the clinical front, Truist Securities said in a note to clients late Monday.

The investment firm highlighted the fact that key updates are expected in Q4 from AnaptysBio's ulcerative colitis program, and there are also "strategic discussions" around the company's rheumatoid arthritis program, which saw top-line results released earlier this year, according to the note.

Truist said AnaptysBio may release top-line data for rosnilimab's 12-week ulcerative colitis study in November/December, followed by a six-month update early next year.

"The results are likely to have material impacts to strategic discussions including plans for [phase 3,]" Truist said, adding that phase 1 trials for ANB033 and ANB101 are "also in the mix, further complicating the decision-making matrix heading into planned split."

Truist said it is keeping its hold rating on AnaptysBio.

AnaptysBio said late Monday its board approved plans to explore splitting the company into two separate publicly traded firms -- Royalty Management Co. and Biopharma Co. -- by the end of next year. The royalty management company will oversee royalties and milestone payments from financial partnerships, while the biopharma firm will focus on the development and potential commercialization of immunology therapeutics for autoimmune and inflammatory diseases, the company added.

Shares of the company climbed past 33% in recent Tuesday trading.

Price: 31.00, Change: +7.73, Percent Change: +33.22