Adaptimmune price target lowered to $3 from $9 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the firm’s price target on Adaptimmune to $3 from $9 and keeps a Buy rating on the shares post the Q1 report. The analyst cites revised revenue assumptions for afami-cel, lete-cel, and uza-cel, following recent updates at investor events for the target drop. Nonetheless, with confidence in both the approvability of lead assets afamicel and lete-cel, and also an on-time approval for afami-cel by the August 4 FDA action date, the firm still sees 150% upside potential for the shares.