Aadi Bioscience downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Aadi Bioscience to Hold from Buy without a price target. Aadi announced that the PRECISION1 trial in TSC1/2 solid tumors will be discontinued due to low probability of meeting the efficacy threshold needed for accelerated approval, the analyst tells investors in a research note. The firm says the company will preserve cash runway by pausing enrollment in the ongoing Phase I trials and reduce its workforce by 80%.