ADC Therapeutics defended by BofA after ASH presentation

 

• Bank of America reiterates a Buy rating on ADC Therapeutics (ADCT -2.8%) after taking in the company's drug data presentation at ASH and accompanying conference call.
• BofA's Ionca update: "An August 2020 cut of LOTIS-2, the pivotal ph 2 trial in relapsed or refractory (r/r) diffuse large B-cell lymphoma, showed an ORR of 48.3% (24.8% CR) with a mDOR of 12.6 months in 70 responders, and mDOR of 13.4 months for pts with a CR. Key subset analyses showed efficacy in pts who progressed after CAR-T (46.2% ORR), double or triple hit pts (33.3% ORR), and transformed DLBCL (44.8%). No new TEAEs were identified at the cutoff. We continue to view lonca as competitive for treating third-line DLBCL, and think subset analyses answer key questions doctors have been asking about targeting CD19 after CAR-T."
• The firm keeps a Buy rating on ADCT and price objective of $50 as it waits for the May 21 PDUFA date for Ionca. The stock is thinly covered on Wall Street.
• https://seekingalpha.com/news/3642147-adc-therapeutics-defended-bofa-after-ash-presentation