Aadi Bioscience ( NASDAQ: AADI ) was downgraded to Neutral from Overweight at Piper Sandler after it announced that mid-stage study of its solid tumors candidate was unlikely to meet its goal. The company was also downgraded last week at Jefferies to Hold on the same reason. AADI stock is down 5% today.
Aadi Bioscience said last week that phase 2 trial of Fyarro (nab-sirolimus), its candidate for solid tumors, is unlikely to meet the efficacy threshold for accelerated approval and the decision to halt the PRECISION1 trial was based on analysis by an Independent Data Monitoring Committee. Piper Sandler said, “There still remains the commercial Fyarro business, with a strategic review now ongoing on how to realize maximum potential value there. Nevertheless, we note here that this business has largely reached a steady state (estimate FY24 revenues of $24.
3M; flat Y/Y). In light of the PRECISION1 outcome, we are downgrading AADI shares to Neutral and lowering our PT to $1.75 from $5.
00.” More on Aadi Bioscience Aadi Bioscience, Inc. (AADI) Q2 2024 Earnings Call Transcript Aadi Bioscience, Inc.
2024 Q2 - Results - Earnings Call Presentation Aadi Bioscience cut to hold at Jefferies following Fyarro failure in solid tumors Aadi plunges 36% as phase 2 trial for solid tumors asset unlikely to meet goal Seeking Alpha’s Quant Rating on Aadi Bioscience.
