Zacks Investment Research downgraded shares of Aduro BioTech (NASDAQ:ADRO) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Aduro reported narrower-than-expected loss in the fourth quarter of 2017 while revenues missed estimates. The company has a broad, promising pipeline of novel immunotherapies under development for treatment of a variety of cancers. The company’s collaboration agreements with large pharma companies — Novartis and Johnson & Johnson — not only validate the company’s research platforms but also enhance its financial position, providing it with adequate funds. However, with no approved products in Aduro’s portfolio, the company heavily depends on funds generated from collaboration and license agreements, government grants as well as other payments for the development of its pipeline candidates. Thus, an inability to secure sufficient funding could hinder Aduro’s pipeline progress. Shares of the company have underperformed the industry in a year’s time.”
ADRO has been the subject of a number of other reports. Oppenheimer reduced their target price on shares of Aduro BioTech from $15.00 to $13.00 and set an outperform rating for the company in a research note on Wednesday, December 13th. BidaskClub cut shares of Aduro BioTech from a sell rating to a strong sell rating in a research note on Wednesday, January 3rd. HC Wainwright reduced their target price on shares of Aduro BioTech from $18.00 to $9.50 and set a buy rating for the company in a research note on Wednesday, December 13th. Canaccord Genuity set a $30.00 target price on shares of Aduro BioTech and gave the company a buy rating in a research note on Thursday, December 14th. Finally, Bank of America reduced their target price on shares of Aduro BioTech from $9.00 to $8.00 and set an underperform rating for the company in a research note on Friday, March 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $14.50.
In other news, insider Elsas Andrea Van sold 6,874 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $6.48, for a total value of $44,543.52. Following the completion of the sale, the insider now directly owns 216,669 shares in the company, valued at $1,404,015.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen T. Isaacs sold 72,051 shares of the business’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $8.48, for a total transaction of $610,992.48. Following the completion of the sale, the insider now owns 231,380 shares of the company’s stock, valued at $1,962,102.40. The disclosure for this sale can be found here. Insiders sold 174,981 shares of company stock valued at $1,423,682 over the last 90 days. 6.60% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Harvard Management Co. Inc. acquired a new stake in shares of Aduro BioTech in the third quarter worth $69,418,000. Vanguard Group Inc. lifted its stake in shares of Aduro BioTech by 5.4% in the second quarter. Vanguard Group Inc. now owns 2,511,995 shares of the biotechnology company’s stock worth $28,637,000 after buying an additional 129,079 shares during the last quarter. State Street Corp lifted its stake in shares of Aduro BioTech by 8.3% in the second quarter. State Street Corp now owns 684,699 shares of the biotechnology company’s stock worth $7,808,000 after buying an additional 52,597 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Aduro BioTech by 15.1% in the second quarter. Northern Trust Corp now owns 453,115 shares of the biotechnology company’s stock worth $5,166,000 after buying an additional 59,490 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Aduro BioTech by 12.4% in the fourth quarter. Geode Capital Management LLC now owns 355,653 shares of the biotechnology company’s stock worth $2,667,000 after buying an additional 39,356 shares during the last quarter. Institutional investors and hedge funds own 46.72% of the company’s stock.
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About Aduro BioTech
Aduro Biotech, Inc is an immunotherapy company, which focuses on the discovery, development and commercialization of therapies that manage the treatment of various diseases, including cancer. The Company’s product candidates from its Live, Attenuated, Double-Deleted (LADD) Listeria monocytogenes, Stimulator of Interferon Genes Pathway Activator, and B-select monoclonal antibody platforms are designed to stimulate and/or regulate innate and adaptive immune responses, either as single agents or in combination with conventional therapies, as well as other immunotherapies.
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