Analyst Jonathan Chang of Leerink Partners reiterated a Hold rating on Adaptimmune Therapeutics (ADAP – Research Report), with a price target of $2.00.
Jonathan Chang has given his Hold rating due to a combination of factors related to the latest data from Adaptimmune Therapeutics’ Phase I SURPASS trial. This trial is examining the company’s next-generation MAGE-A4 TCR T-cell (ADP-A2M4CD8) as both a single treatment and in combination with nivolumab for various solid tumors. The newest data from the trial, presented at the European Society for Medical Oncology (ESMO), showed slightly improved durability for the monotherapy and added data on its combination use. However, the overall confirmed objective response rate (ORR) remained stable at 37% for the monotherapy group, and the ORR for the combination group was 22%, though this data is limited due to the small sample size.
In addition, the safety profile of the treatment showed a minor decline, with increased instances of cytokine release syndrome (CRS) and immune cell-associated neurotoxicity syndrome (ICANS). Despite a report of a new Grade 5 treatment-related adverse event (myositis), Chang does not consider it a significant concern for the program. Looking ahead, the ongoing Phase II SURPASS-3 trial for ovarian cancer and other exploratory SURPASS cohorts are anticipated to provide additional vital data in the future. Chang believes that improved clinical activity with ADP-A2M4CD8 and a lasting clinical benefit in non-sarcoma indications will be crucial to the company’s narrative.
In another report released on October 23, Wells Fargo also maintained a Hold rating on the stock with a $3.00 price target.
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Adaptimmune Therapeutics (ADAP) Company Description:
Adaptimmune Therapeutics Plc engages in the development of novel cancer immunotherapy products. Its specific peptide enhanced affinity receptor platform enables the engineering of T-cells to target and destroy cancer, including solid tumors. The company was founded by Bent K. Jakobsen, James Julian Noble, and Helena Katrina Tayton-Martin in 2008 and is headquartered in Abingdon, the United Kingdom.
