Roth Remains Positive on Aduro Biotech (ADRO) Upon Start of SEASCAPE Trial; Affirms at 'Buy'

Roth Capital affirms Aduro Biotech (Nasdaq: ADRO) with a Buy/Focus Pick rating and $46 price target after ADRO announced that the first patient has been dosed in SEASCAPE, the Phase 1/2 clinical study designed to evaluate the safety, tolerability and preliminary efficacy of CRS-207, Aduro’s lead listeria-based immunotherapy construct (LADD), in combination with epacadostat (INCB24360), Incyte Corporation’s selective IDO1 inhibitor, in patients with ovarian cancer.

Analyst Joseph Pantginis commented: We continue to be impressed with the expanding profile of CRS-207. A combination with an IDO inhibitor makes inherent sense to us based on removing the pressure of T-regulatory cells on the immune system. Our thesis for Aduro and CRS-207 remains strong. The lead value driver currently for the stock is the Phase IIb ECLIPSE study in pancreatic cancer, expected to read out in late 2Q16.

To this end, we believe the boxes are checked supporting a positive outcome of the study: 1) a well-designed and run, randomized Phase IIa clinical study, which showed statistically significant improvements in survival for both the primary endpoint and multiple subgroups, 2) Phase IIa published in the peer reviewed Journal of Clinical Oncology and 3) long-term survivors continue to be treated and monitored (i.e. characteristic immunotherapy "tail").

For an analyst ratings summary and ratings history on Aduro Biotech click here. For more ratings news on Aduro Biotech click here.

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