ATRA - Atara price target lowered at H.C. Wainwright as partnership with Bayer ends

Atara Biotherapeutics (NASDAQ:ATRA), a biotech focused on immunotherapies, continues to trade lower on Monday after announcing that German conglomerate Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) decided to end a licensing deal with the company for two of its CAR T-cell therapies. In reaction, H.C. Wainwright analyst Robert Burns has lowered the price target on the San Francisco, California-based company to $29 from $31 per share. However, the analyst reiterates the Buy rating. The deal in question relates to investigational cancer therapeutics ATA2271 and ATA3271, for which H.C. Wainwright has removed its conservative revenue estimates from its model leading to the revised price target.  Despite the setback, Atara (ATRA) continues to back the ongoing Phase 1 study for ATA2271, which is currently on hold for patient enrollment. However, the company pushed back the anticipated timeline for the submission of the investigational new drug application for ATA3271 beyond 4Q 2022. Atara (ATRA) currently commands a $26.63 per

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Atara price target lowered at H.C. Wainwright as partnership with Bayer ends