ADAP - Adaptimmune Therapeutics upgraded at Mizuho on clarity for afami-cel

• Mizuho has upgraded Adaptimmune Therapeutics ( NASDAQ: ADAP ) to buy from neutral saying there is now clarity on the regulatory strategy for TCR T-cell therapy afami-cel for solid tumors.
• The firm kept its price target at $9 (~333% upside based on Tuesday's close).
• Analyst Mara Goldstein noted that the upgrade was also based on a lengthened cash runway following restructuring, pipeline reprioritization, and data from a trial for SPEAR T-cell therapy ADP-A2M4CD8 in select tumor types.
• Regarding afami-cel, Goldstein said that while management reaffirmed its rolling BLA submission for afami-cel will begin this quarter, the targeted completion date has been moved up to mid-2023.
• She added that pipeline reprioritization as well as layoffs will extend the company's cash runway into early 2025 from 2024.
• Adaptimmune ( ADAP ) surged Tuesday due to the release of updated phase 1 data on ADP-A2M4CD8 across multiple solid tumor indications .

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