Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Aduro BioTech (ADRO) today and set a price target of $10. The company’s shares closed on Friday at $3.63, close to its 52-week low of $3.61.
Breidenbach commented:
“Friday, first-in-human results from a Phase 1 trial (NCT02675439) of ADU-S100 were presented at the Cancer meeting. The Novartis- partnered STING agonist was tested in 41 patients with advanced solid tumors and lymphomas. In 40 efficacy-evaluable patients, ADU-S100 monotherapy generated two objective PRs, and three patients with durable disease stability remain on study. We believe the drug’s single agent activity differentiates it from other I/O agents such as TLR agonists and NKTR-214. A case vignette from an ongoing combination cohort with spartalizumab showed a biopsy-confirmed CR. We are uncertain if an optimal dosing strategy has been established, but believe it is premature to discount the therapeutic potential of STING agonists. We call for patience from investors as Novartis proceeds with multiple combination trials. Reiterate Outperform, $10 PT.”
According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 2.7% and a 38.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Aduro BioTech has an analyst consensus of Strong Buy, with a price target consensus of $9.15, representing a 152.1% upside. In a report issued on October 31, Cowen & Co. also assigned a Buy rating to the stock.
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The company has a one-year high of $10 and a one-year low of $3.61. Currently, Aduro BioTech has an average volume of 454K.
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock.
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Aduro BioTech, Inc. is a clinical-stage immunotherapy company, which engages in the discovery, development, and commercialization of therapies that transform the treatment of diseases, including cancer. Its technology platforms include STING Pathway Activator, B-select monoclonal antibody, and LADD, or Live, Attenuated, Double-Deleted Listeria monocytogenes.
