Leerink Affirms Aduro Biotech (ADRO) at 'Outperform'; Says PT Doesn't Include CRS-207 Revenue in Pancreatic Cancer
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The firm commented ahead of today's conference call,
...we note that our current $14/shr price target assumes no revenue from the company's CRS-207 program in pancreatic cancer. It does include a contribution from probability-weighted sales and milestones of approximately ~$4.50/shr in our valuation from CRS-207 in mesothelioma (~$1.75/shr) as well as milestones and revenue from LADD-based partnership with JNJ (~$2.75/shr), combined. The remainder of our valuation is comprised of ~$5/shr from the STING platform and ~$4.50 in cash. We also note that our forecasts assume no contribution from the recently acquired Bionovion antibody platform, where the first targeted agent from the B-select antibody program, anti-April for multiple myeloma, will advance into clinical development in 2017.
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