Roth Capital Reaffirms Aduro Biotech (ADRO) at 'Buy'; Says Partial Clinical Hold Lift No Surprise
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Roth Capital affirms Aduro Biotech (Nasdaq: ADRO) with a Buy rating and $20 price target after the company announced that the U.S. Food and Drug Administration (FDA) has lifted the partial clinical hold placed on its clinical trials evaluating the LADD (live, attenuated double-deleted) immunotherapy platform, enabling patient enrollment to resume in all Aduro-sponsored clinical studies.
The firm commented today,
We believe this is an important milestone for Aduro and its lead development partner Janssen (JNJ-NC). For Aduro, the key next step for CRS-207 should be the initiation of a Phase II combination study with an anti-PD-1 in mesothelioma in 1H17. This is based on ASCO 2016 and last week's update from the Phase Ib study showing strong response rates, durability and correlative immune data. Regarding Janssen, the Phase II programs for ADU-741 and ADU-214 in prostate and lung respectively will also continue now as well. It is important to remind investors that Janssen proceeded to these Phase II studies while the Phase I programs were still ongoing, which we attributed to a good vote of confidence. As the CRS-207 and other LADD programs progress, we believe that Aduro has taken the important steps to diversify its pipeline by advancing the STING pathway program into Phase I studies (ADU-S100) with data expected in 2017. The STING program, which is partnered with Novartis (NYSE: NVS), has applicability to oncology, autoimmune disorders, and infectious disease. We believe that important stock driving data will not occur until 2017.
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