Raymond James analyst Reni Benjamin lowered his price target for Adaptimmune to $6 from $16, while reiterating an Outperform rating on the shares after the company presented Q1 financial results and provided a “major update” for the ongoing clinical programs. The analyst notes that preliminary results from synovial sarcoma patients treated at therapeutically relevant doses of ADP-A2M4 showed “promising results,” and that the company plans to initiate a Phase 2 SPEARHEAD-1 study of ADP-A2M4 in synovial sarcoma patients in the second half of 2019 and to initiate two additional studies to evaluate efficacy and durability of ADP-A2M4 and ADP-A2M10 with radiation in several solid tumor indications. Outside of synovial sarcoma, all other indications showed promising but mixed results, he added.
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