Adaptimmune downgraded to Hold from Buy at JonesResearch

JonesResearch downgraded Adaptimmune Therapeutics (ADAP) to Hold from Buy and suspended the firm’s price target on the shares after Adaptimmune and TCR2 Therapeutics (TCRR) announced an agreement under which Adaptimmune will combine with TCR in an all-stock transaction. Adaptimmune shareholders will own approximately 75% of the combined company based on the terms of the deal, noted the firm, which thinks the synergy and value creation from the merger is "unclear."