Truist says Fate's reboot not a negative for Affimed

Fate Therapeutics

06/01/2023 23:00

** Brokerage Truist Securities says Fate Therapeutics'
 FATE.O  major business reboot might be a critical point for
peers like Affimed NV  AFMD.O  in the natural killer (NK) cell
space 
    ** FATE recently said it will shift focus for its NK cell
therapy platform to develop next-gen and more effective
therapies  
    ** NK cells are a type of white blood cells that help in
controlling several types of tumors and microbial infections
    ** Says AFMD's combo data for one of their cancer therapies 
is encouraging, but investors will expect more data over next
12-24 months to gain better clarity  
    ** Believes that from a platform perspective AFMD has a
distinct strategy  
    ** Truist notes that the NK-cell field is still nascent and
evolving, important takeaway from data seen in this space is
that NK cells likely need an additional boost to act against
tumors 
    ** 9 of ten brokerages covering the stock rate it "buy" or
higher, 1 rates it "hold"; their median PT is $7
        ** AFMD fell ~78% and FATE fell ~83% in 2022 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))