Adeptus Biotechnologies (ADPT) PT Raised to $54 at BofA Securities Due to High Potential

BofA Securities analyst Derik de Bruin raised the price target on Adeptus Biotechnologies Corp. (NASDAQ: ADPT) to $54.00 (from $45.00) while maintaining a Buy rating citing test waves recovering, COVID-reated projects upside potential, immunosensing with a validated platform that can unlock more diagnostic and therapeutic potential.

The analyst stated "In early May, ADPT and Microsoft launched a study called ImmuneRACE. Using ADPT’s platform to map T-Cell responses to COVID-19 antigens and patient outcomes, the study’s aim is to develop an alternative blood-based diagnostic test which can be used to both risk stratify patients for severity of response and assist in immunity surveillance. As of mid-June, ADPT had analyzed data from hundreds of study participants with plans to seek EUA from FDA and launch the test around Labor Day. Also, ADPT has expanded their collaboration with Amgen to include the discovery of superior neutralizing antibodies against COVID-19 from the blood of patients for therapeutic applications. While financial details around these programs are limited, we view these endeavors as upside catalysts for shares and key derisking events for ADPT’s technology platform.

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