FBR & Co. Sees Quick Resolution to Aduro Biotech's (ADRO) Partial Clinical Hold; Trims PT to $20
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FBR & Co. trims its price target on Outperform-rated Aduro Biotech (Nasdaq: ADRO) from $22 to $20 after the company announced that it received notice from the U.S. Food and Drug Administration (FDA) that trials with investigational agents based on its LADD (Listeria-based immunotherapy construct) platform have been placed on partial clinical hold to pause new patient enrollment.
The firm commented today:
After speaking with management after the call, we feel confident that the clinical hold will be resolved in a relatively short period of time. The program is currently in clinical development for six indications, including pancreatic, lung, prostate, and ovarian cancers, as well as mesothelioma and glioblastoma. On the call, the company informed us that while it will implement modifications to all LADD program protocols, the ongoing STING and B-select programs will not be affected. We recognize that this event likely adds more risk to the LADD platform; however, we see this as a temporary and manageable setback.
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