Scotiabank starts Adaptimmune at Outperform ahead of ‘imminent’ launches

As previously reported, Scotiabank analyst George Farmer initiated coverage of Adaptimmune with an Outperform rating and $3.15 price target. The firm recommends buying American Depositary Shares to capture the value potential of “one-and-done” T cell therapy assets afami-cel and lete-cel, which both are positioned for “imminent” commercial launches in the ultra-rare solid tumor indications of synovial sarcoma and myxoid/round cell liposarcoma, or MRCLS, respectively, the analyst tells investors. The firm models a cash runway into 2025, which could be supplemented by draw down from a newly established credit facility, and expects a positive FDA approval decision this summer, which it believes will lead to stock upside.