Adaptimmune price target lowered to $12 from $18 at SunTrust

SunTrust analyst Peter Lawson lowered his price target on Adaptimmune to $12 to reflect the pullback in the Biotech sector ahead of ASH. The analyst keeps his Buy rating on the shares however, claiming that the recent departure of the company CTO Gwen Binder, while a negative surprise, is not a “reflection of the company’s transition from preclinical to clinical execution”. Lawson further believes that Adaptimmune is insulated from any related to the departure disruption given that its CMO assumed the CTO functions in August.
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