Jefferies Downgrades Aadi Bioscience
Jefferies, a renowned financial firm, recently downgraded Aadi Bioscience’s stock (NASDAQ:AADI) to a ‘hold’ rating. This decision came in the wake of an announcement confirming that the phase 2 study of Fyarro (nab-sirolimus) to treat solid tumors was unlikely to meet its efficacy target.
Financial Implications
The firm has set a price target of $1.50 for Aadi Bioscience, indicating a potential 3% downside from the closing price on August 21st. Jefferies has also retracted its revenue projections for the treatment of solid tumors with TSC1 or TSC2 inactivating alterations.
Fyarro had previously received approval for treating advanced malignant perivascular epithelioid cell tumors (PEComa). In the second quarter, the drug generated $6.2 million in revenue.
