Home Trending Stocks Here is why Adaptimmune Therapeutics plc (ADAP) turnaround on Wednesday?

Here is why Adaptimmune Therapeutics plc (ADAP) turnaround on Wednesday?

Adaptimmune Therapeutics plc (ADAP) shares rallied 11.02% to trade at $5.44 in after-market on Wednesday, May 19, 2021, after, ADAP’s stock lost 4.30% to close Wednesday’s normal trading session at $4.90. ADAP shares have fallen 5.22% over the last 12 months, and they have moved up 1.24% in the past week. Over the past three months, the stock has lost 18.06%, while over the past six months, it has shed 2.58%.

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Let’s see what’s going on with Adaptimmune Therapeutics?

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Phase 2 sPEARHEAD-1 trial results

On May 19, 2021, Adaptimmune Therapeutics plc will report initial data from its Phase 2 SPEARHEAD-1 trial, at the American Society of Clinical Oncology (ASCO) congress in an oral presentation on June 4, 2021

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Full abstracts were released online today, May 19, 2021.

Adaptimmune Chief Executive Officer, Adrian Rawcliffe said that they have shown a high response rate and these responses are still evolving in many patients with increasing depths of response over time and encouraging durability. He said that he is confident that SPEARHEAD-1 will support our BLA submission next year and offer a life-changing treatment for people with synovial sarcoma.

Adaptimmune’sHiT Program update

On May 11, 2021, Adaptimmune Therapeutics plc released the first preclinical data from its HiT targeting mesothelin (a tumour-associated antigen), being co-developed with Astellas Pharma, at the American Society for Cell and Gene Therapy (ASGCT) meeting.

The data showed that the HiTs are CD8 and HLA-independent and kill mesothelin expressing human tumor cells. It also proved that the mesothelin HiT is not dependent on CD8 to kill target cells, and CD4 cells expressing the HiT are cytotoxic towards tumor cells.

Recent financial results

On May 06, 2021, Adaptimmune Therapeutics plc released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Adaptimmune reported revenue of $0.4 million for Q1 2021, compared to $0.8 million for the same period in 2020.
  • Net loss attributable to holders of the Company’s ordinary shares for Q1 2021 was $37.8 million or $0.04 per ordinary share, compared to $28.2 million or$0.04 per ordinary share for Q1 2020.
  • R&D expenses were $24.5 million in Q1 2021 compared to $21.3 million for the same period in 2020.
  • General and administrative expenses were $13.8 million in Q1 2021 compared to $9.3 million for Q1 2020.
  • Adaptimmune had cash and cash equivalents of $32.4 million and a total Liquidity4of $317.9 million on March 31, 2021.

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     Conclusion

The ADAP stock flipped on Wednesday after the company announced Phase 2 sPEARHEAD-1 trial results which are quite impressive. ADAP share price can further jump in the coming days.

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