Jefferies analyst Biren Amin says that while the selloff this morning in AnaptysBio (ANAB) shares suggests that its etokimab has lower odds after Regeneron's (REGN) REGN3500 data, the data from Regeneron are actually a "best case scenario." The combo of REGN3500 and Dupixent did not offer any additional benefit, says the analyst, who viewed that arm as the greatest long-term risk to etokimab. Also, not all antibodies are built the same, Amin tells investors in a research note titled "Don't Throw The Baby Out With Bathwater; A Lesson To Be Learned From AMG-317." He notes that AMG-317 failed in asthma, and targets IL-4, and yet Dupixent has seen success. The analyst reiterates a Buy rating on AnaptysBio and awaits the company's data in the second half of the year. The stock in early trading is down 15%, or $9.82, to $57.20.