Aduro adds to rally as bargain hunters move in

Micro cap Aduro BioTech (ADRO +18.1%) is up on almost double normal volume. Shares have rallied 60% since touching $0.99 on December 23, 2019.

Shares were in a long-term downtrend before the recent rally, pressured by Novartis’ exit from STING pathway activator ADU-S100 and a recent downsizing that cut 59% of its workforce.

Despite the bad news, SVB Leerink’s Daina Graybosch raised her fair value target to $7 (335% upside) from $3 citing the company’s modest valuation considering the upside if either of two gene therapy programs are successful and/or one of its Big Biopharma collaborations bear fruit.

https://seekingalpha.com/news/3536944-aduro-adds-to-rally-bargain-hunters-move-in-shares-up-18