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Aadi Bioscience (NASDAQ:AADI) was downgraded to Neutral from Overweight at Piper Sandler after it introduced that mid-stage examine of its stable tumors candidate was unlikely to meet its aim.
The firm was additionally downgraded final week at Jefferies to Hold on the identical motive.
AADI inventory is down 5% at present.
Aadi Bioscience stated final week that part 2 trial of Fyarro (nab-sirolimus), its candidate for stable tumors, is unlikely to meet the efficacy threshold for accelerated approval and the choice to halt the PRECISION1 trial was based mostly on evaluation by an Independent Data Monitoring Committee.
Piper Sandler stated, “There nonetheless stays the business Fyarro enterprise, with a strategic evaluation now ongoing on how to understand most potential worth there. Nevertheless, we notice right here that this enterprise has largely reached a gradual state (estimate FY24 revenues of $24.3M; flat Y/Y).
In gentle of the PRECISION1 consequence, we’re downgrading AADI shares to Neutral and reducing our PT to $1.75 from $5.00.”
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Source: Seekingalpha