Re: ADAP: >>Back in the mid $6s, I feel it's been punished enough, and bought some at $6.60 today.<< Sigh, but it's come up with a fresh sin. The ovarian trial was to be the first to read out, about 3 quarters from now. Today we're told no responses were seen and they amended the trial protocol to include fludarabine in the preconditioning stage. Apparently it has magic SPEAR transducing capabilities that cyclophosphamide does not, as shown in the sarcoma trial. They'll enroll ten additional patients. I assume this will push back the readout into 2018. This, to me, was proof of concept stuff. Now that will likely come from a different indication later. With Tesaro setting the bar pretty high in ovarian cancer, one wonders what commercial potential competing programs have.This briefly caused a firesale to all time lows. I can't decide whether or not to add. A bit gunshy here. Rightly so. Now off into the $4s on a BofA downgrade to underperform. Don't see any verbiage with that action, but would guess the rationale is lack of positive catalysts for a while - as opposed to "the whole program is doomed." Maybe I'll add when the market has a bad day. Would love a second opinion on how bad this is. My cut is the whole program is delayed for fine tuning, but not doomed. Taking the long view, the negativity seems overdone.
Cheers, Tuck |
