Roth Capital Trims PT on Aduro Biotech (ADRO) to $20 Amid FDA Partial Hold on LADD Trials
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oth Capital trims its price target on Buy-rated Aduro Biotech (Nasdaq: ADRO) from $22 to $20 following news that the FDA placed a partial clinical hold on LADD studies.
Analyst Joseph Pantginis commented today,
While our confidence remains high on the LADD platform, partially driven by Janssen's commitment, today's news represents another unfortunate perception knock for LADD. We fully expect the company and FDA to institute thoughtful, modified protocols and for the programs to continue. We also believe investor confidence remains low on the interim STELLAR data expected shortly. Overall we believe the LADD platform has been widely discounted by many investors based on our discussions. What remains unchanged, however, is the growing excitement for the STING program partnered with Novartis (NVS-NC). Pipeline visibility should also increase significantly, in our belief over the next 12 months and is led by STING oncology program initial ADU-S100 data expected in 2017. The STING platform's broad applicability to both infectious disease and autoimmune disorders is also moving quickly toward the clinic (both wholly owned by Aduro).
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