Adaptimmune price target lowered to $1.50 from $2 at Wells Fargo

Wells Fargo lowered the firm’s price target on Adaptimmune (ADAP) to $1.50 from $2 and keeps an Equal Weight rating on the shares. Following Q4 results, the firm notes that U.S. Tecelra launch is actually progressing quite rapidly based on penetration rate. However, absolute patient number may be small due to the size of the indication, which requires additional time to reach breakeven, Wells says.