AnaptysBio Inc (ANAB) shares plummeted 5.24% in pre-market trading on Tuesday, as multiple analysts cut their price targets for the biotechnology company. The stock's decline comes in the wake of recent Phase 2 clinical trial results for rosnilimab, one of the company's key drug candidates.

Barclays led the bearish sentiment by significantly lowering its price target for AnaptysBio from $83 to $70. Following suit, H.C. Wainwright also reduced its target from $59 to $52. These downward revisions appear to be directly linked to the outcomes of the Phase 2 rosnilimab trial, although specific details about the results were not provided in the available news.

Despite the price target cut, H.C. Wainwright maintained its Buy rating on AnaptysBio shares, suggesting that the firm still sees long-term potential in the company despite the near-term setback. This maintained positive outlook could potentially help mitigate some of the negative impacts on investor sentiment. However, the immediate market reaction indicates that investors are more focused on the lowered price targets and the implications of the Phase 2 trial results for AnaptysBio's drug development pipeline.