JonesResearch analyst Soumit Roy upgraded Adicet Bio to Buy from Hold with a $6 price target. The analyst increased the stock’s valuation multiped following “robust interest” in cell therapy. The firm hasn’t included lupus nephritis in its valuation model yet, awaiting initial set of data towards the end of 2024. Jones sees approximate 10 key data catalysts in the cell therapy space in 2024 and “clear readthrough” to Adicet. It cites Adicet’s solid cash position with the stock trading at cash value for the upgrade.
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