Canaccord earlier today downgraded Atara Biotherapeutics (ATRA) to Hold from Buy with a price target of $6, down from $25. The company announced receipt of a complete response letter from the FDA, rejecting approval of tab-cel for Epstein-Barr virus positive post- transplant lymphoproliferative disease, the analyst tells investors in a research note. The firm finds it unlikely that Atara will be able to rectify this decision with a new trial. A New trial unlikely given rare patient population, Canaccord adds. It cites the decreased probability of success for tab-cel for the downgrade. Atara shares are down 22% to $4.57 in afternoon trawding.
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