Jefferies assumed coverage of Adicet Bio (ACET) with a Buy rating and a price target of $19, up from $8. Despite early Phase I data with its off-the-shelf allogeneic CD20 CAR-T showing “encouraging” safety and efficacy, Adicet trades at negative enterprise value, notes the analyst, who believes investor skepticism around the pipeline, potentially CD20 as a target relative to CD19, has kept the stock trading below autoimmune CAR-T peers despite comparable stage programs.
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