How did ANAB's Q4 earnings surprise impact investor sentiment?

AnaptysBio, Inc. (ANAB) has been experiencing fluctuations in investor sentiment due to its inconsistent earnings performance and revenue misses.

1. **Q4 Earnings Performance**:
- ANAB reported a quarterly loss of $0.93 per share for Q4, which was a surprise compared to the Zacks Consensus Estimate of a loss of $0.92.
- This earnings surprise of -1.09% indicates that the company's actual performance was slightly worse than expected, potentially leading to negative sentiment among investors.
2. **Investor Sentiment Analysis**:
- The company has not been able to beat consensus EPS estimates over the last four quarters, which could be contributing to a decline in investor confidence.
- ANAB's stock has lost about 19.7% since the beginning of the year versus the S&P 500's gain of 3.4%, suggesting that investor sentiment is currently low.
3. **Comparison with Previous Quarters**:
- In the immediate previous quarter, ANAB had topped revenue estimates, but still reported a significant loss.
- This mixed performance—beating revenue estimates but missing EPS targets—may lead to a cautious outlook from investors, as they weigh the company's financial performance against the high expectations set by the consensus estimates.
4. **Impact on Future Outlook**:
- The sustainability of the stock's immediate price movement will largely depend on management's commentary on the earnings call.
- Investors are likely to be looking for signs of improvement in the company's financial performance and any strategic plans that may impact future earnings.

In conclusion, ANAB's Q4 earnings surprise, along with its consistent failure to meet expectations over the past few quarters, has likely contributed to a negative sentiment among investors. The company's stock has underperformed the market, and investor confidence is likely to remain low until there is a clear indication of improved financial performance or strategic direction.