Adaptimmune price target lowered to $1 from $1.50 at Wells Fargo

Wells Fargo lowered the firm’s price target on Adaptimmune (ADAP) to $1 from $1.50 and keeps an Equal Weight rating on the shares. While the Tecelra launch is ramping up, the firm sees balance sheet risk in the near term, absent positive outcomes from the ongoing exploration of strategic options, given the limited cash position and quarterly cash burn.