- Atara Biotherapeutics (NASDAQ:ATRA), a biotech focused on immunotherapies, continues to trade lower on Monday after announcing that the German conglomerate Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) decided to end a licensing deal with the company for two of its CAR T-cell therapies.
- In reaction, H.C. Wainwright analyst Robert Burns has lowered the price target on the San Francisco, California-based company to $29 from $31 per share. However, the analyst reiterates the Buy rating.
- The deal in question relates to investigational cancer therapeutics ATA2271 and ATA3271, for which H.C. Wainwright has removed its conservative revenue estimates from its model.
- Despite the setback, Atara (ATRA) continues to back the ongoing Phase 1 study for ATA2271, which is currently on hold for patient enrollment.
- However, the company pushed back the anticipated timeline for the submission of an investigational new drug application for ATA3271 beyond 4Q 2022.
- Atara (ATRA) currently commands a $26.63 per share target on Wall Street.
Atara price target lowered at H.C. Wainwright as partnership with Bayer ends
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Symbol | Last Price | % Chg |
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ATRA | - | - |
Atara Biotherapeutics, Inc. |