Adicet Bio price target lowered to $17 from $30 at Wedbush

Wedbush lowered the firm’s price target on Adicet Bio to $17 from $30 and keeps an Outperform rating on the shares after the company reported updated Phase 1 data from the ongoing Phase 1 study of ADI-001 for the potential treatment of relapsed or refractory aggressive B-cell non-Hodgkin’s lymphoma. Overall, though the data remains relatively early in development, the firm believes ADI-001 remains highly competitive with approved CD20 bispecifics such as glofitamab and epcoritamab on the critical measure of 6-month CR rate. Of note, however, the “true” durability of bispecific therapies remains in question given the apparent lack of a CR tail, indicated by an eroding CR rate over time, Wedbush adds.