Adaptimmune price target lowered to $1.40 from $3.15 at Scotiabank

Scotiabank analyst George Farmer lowered the firm’s price target on Adaptimmune (ADAP) to $1.40 from $3.15 and keeps an Outperform rating on the shares. The firm believes the sluggish Tecelra uptake and stressed cash position will push management to make drastic restructuring decisions in the short term, the analyst tells investors. The firm sees potential upside from current levels but believe shares could wallow for some time due to perceived risk of insolvency.