Adicet Bio downgraded to Neutral from Buy at Guggenheim

Guggenheim analyst Michael Schmidt downgraded Adicet Bio to Neutral from Buy and removed the firm’s previous $20 price target following disclosure of updated Phase 1 data yesterday for ADI-001, Adicet’s allogeneic CD20 CAR-T candidate. Phase I data to date suggest that treatment with ADI-001 generates high response rates in patients with Non-Hodgkin’s Lymphoma, but the firm thinks response durability of this allogeneic therapy will remain an investor debate and believes investors will “continue to heavily risk-adjust” Adicet’s planned registration-directed Phase 2 study in post-CAR-T DLBCL patients.