Adaptimmune price target lowered to $1.75 from $3 at Guggenheim

Guggenheim lowered the firm’s price target on Adaptimmune (ADAP) to $1.75 from $3 and keeps a Buy rating on the shares. The firm is updating its model following Adaptimmune’s 10K publication and Q4 business update, noting that it is lowering its operating expense assumptions and removing uza-cel estimates from its model. While Adaptimmune has moved into “survival mode” following implementation of additional cost-saving measures this quarter in addition to a recent 29% reduction in headcount, the firm believes there is “high risk of ADAP not remaining operational as a standalone entity without additional financing this year,” the analyst tells investors.