Adicet Bio shares plunge following ADI-001 Phase 1 data By Investing.com

By Sam Boughedda

Adicet Bio (NASDAQ:) shares crashed Monday after the company reported data from its ongoing ADI-001 Phase 1 Trial in Patients with relapsed or refractory aggressive B-Cell Non-Hodgkin’s Lymphoma.

Adicet shares are down more than 42% on the news.

Following the news, several analysts released research notes:

JMP Securities analysts told investors the firm maintains its Market Outperform rating and a price target of $21 on Adicet Bio, based on discounted earnings per share and revenue multiple analysis.

“At the 2022 ASH meeting, Adicet presented updated data from ADI-001, an anti-CD-20 off-the-shelf γδ CAR T cell therapy, demonstrating high ORRs and a manageable side-effect profile, although the majority of patients relapsed prior to six months,” wrote the analysts.

Wedbush analysts kept an Outperform rating and a $30 per share price target on the stock.

“As of the Dec. 5 data cutoff, 16 patients with r/r NHL have achieved an ORR of 75% and CR of 69% across all dose levels, including a striking 5/5 CRs in LBCL patients who relapsed after prior autologous CD19 CAR-T therapy, and 86% CR rate in LBCL patients across dose level three (DL3) and above,” said the analysts. “Though ACET is continuing to enroll patients in the “two-dose, single lymphodepletion” DL3b cohort and awaits additional insight into durability, we believe the overall emerging profile remains robust given the refractory nature of enrolled patients.”

Jefferies analysts maintained a Buy rating and $27 per share price target on Adicet Bio shares, stating: “We saw positive progress and await longer followup from more pts to gain clarity on durability (6m CR rate). 100% ORR/CR in 5 post-CD19 CART DLBCL pts & clean safety (no NT) look compelling vs other allogeneic CARTs, supporting 1st pivotal trial to start in 2Q23 in post-CD19 setting.”

Finally, H.C. Wainwright analysts wrote: “This past weekend, Adicet presented updated data from its Phase 1 study of ADI-001 for the potential treatment of relapsed or refractory (r/r) B-cell Non-Hodgkin’s lymphoma (NHL). ADI-001 is Adicet’s allogeneic gamma delta T cell product candidate containing an anti-CD20 CAR. The FDA previously granted Fast Track Designation to ADI-001 for the treatment of r/r B-cell NHL.”

“ADI-001 was generally well tolerated with no dose-limiting toxicities. There were no occurrences of graft versus host disease, ≥3 cytokine release syndrome, or Immune Effector Cell-Associated Neurotoxicity Syndrome events,” they added.