Roth Trims PT on Aduro BioTech (ADRO) to $68; Notes Several Catalysts for FY16

Roth Capital moves its price target on Buy-rated Aduro BioTech (Nasdaq: ADRO) from $74 to $68 following Q3 results and update.

Analyst Joseph Pantginis commented, Data anticipation continues and the company continues to broaden its overall franchise as what we consider to be a lead immunotherapy player.

The three major data catalysts in 2016 include: 1) 1H16 data - CRS-207 Phase IIb ECLIPSE study in pancreatic cancer, 2) 2H16 data - CRS-207 Phase IIb STELLAR study in pancreatic cancer and 3) 1H16 data - CRS-207 Phase Ib update in mesothelioma. We believe the expected pancreatic cancer data from both studies (Breakthrough Designation) can lead to registration should the data deliver similar results to the Phase IIa program.

A Phase III is expected to begin in 1H16 for mesothelioma as well based on data to date. Collaborative study starts are also expected shortly: 1) Janssen lung and prostate Phase I program with LADD candidates, 2) Phase I start with Novartis with CDN platform and 3) Phase I start with Incyte (Nasdaq: INCY) for ovarian cancer.

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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