Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Aduro BioTech (NASDAQ: ADRO) yesterday and set a price target of $10. The company’s shares closed yesterday at $4.44, close to its 52-week low of $3.69.
Breidenbach observed:
“Tuesday, Aduro announced 3Q18 results. Our attention remains focused on first-in- human results from ADU-S100, slated for presentation at SITC. ADRO shares have faced sharp pressure (down ~25% relative to the XBI) in the wake of mediocre clinical data from Merck’s STING program at ESMO, including a lack of monotherapy activity. Given their one-year head start over Merck, we believe Aduro and partner Novartis could present a more mature set of clinical results to potentially reignite investor enthusiasm for the STING pathway. We reiterate our Outperform rating but lower our PT to $10 (previously $13), reflecting slower than expected development timelines for ADU-S100, pLADD and BION-1301 programs. Importantly, the company’s $278M cash position could sustain operations through 2020, providing operational freedom to continue development of its programs.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.4% and a 33.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aduro BioTech with a $17.10 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $10 and a one-year low of $3.69. Currently, Aduro BioTech has an average volume of 437.6K.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
