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Vandana Singh

Cantor Fitzgerald Cuts ADC Therapeutics Price Target On 'Repositioned Zynlonta Pipeline Strategy'

  • Following Q4 FY21 results, Cantor Fitzgerald has lowered the price target on ADC Therapeutics SA (NASDAQ:ADCT) to $26 from $45 and keeps an Overweight rating.
  • Analyst Brian Cheng notes that the repositioning of Zynlonta's pipeline strategy in diffuse large B-cell lymphoma (DLBCL) came as a surprise, given the multiple Zynlonta combination trials that ADC had ongoing and planned for the near-term.
  • The analyst awaits more color on the Rituxan combination's differentiation vs. Monjuvi and Polivy near-term.
  • In the Q4 earnings release, ADC announced discontinuing the Phase 2 LOTIS-3 trial of Zynlonta combined with ibrutinib in third-line DLBCL and Mantle cell lymphoma (MCL). 
  • The Company also announced that the comparator agent in Phase 2 LOTIS-6 study, idelalisib, was recently withdrawn from the follicular lymphoma market. 
  • As such, ADC has voluntarily paused the study and will consult with its clinical advisors and the U.S. Food and Drug Administration (FDA) on the optimal path forward.
  • Price Action: ADCT shares are down 0.95% at $14.63 during the market session on the last check Friday.
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