Adaptimmune price target lowered to $3 from $4 at Guggenheim

Guggenheim lowered the firm’s price target on Adaptimmune (ADAP) to $3 from $4 and keeps a Buy rating on the shares after the company reported Q3 results and continued progress in U.S. launch activities for Tecelra following FDA approval in August for synovial sarcoma. The firm is updating its model to reflect Q3 earnings and commentary on the Tecelra launch, adjusting its odds of success assumptions for lete-cel and uza-cel in OC, and updating its U.S. peak sales assumptions for the sarcoma franchise, the analyst tells investors.