Aadi Bioscience slides as cancer therapy fails to impress

Whitehawk Therapeutics

15/12/2023 12:01

(Updates)
    ** Aadi Bioscience's  AADI.O  shares fall 45.4% to $2.93;
among top pct decliners across U.S. exchanges premarket
    ** Company said late on Thursday its experimental cancer
therapy helped clear or shrink tumors in 26% and 11% of patients
being tested in two groups of a mid-stage study
    ** Analysts say the data misses expectations; TD Cowen says
investors were expecting a 30% reduction in both arms of the
study
    ** The two arms were testing the therapy on patients with
mutations in two tumor-suppressing genes, TSC1 and TSC2
    ** Piper Sandler says the TSC2 arm of the study looks "DOA"
or dead-on-arrival, adding that it is unlikely that there's any
regulatory path forward for the treatment in those patients
    ** Brokerage H.C. Wainwright downgrades AADI to "neutral"
from "buy"; Piper Sandler cuts PT by $25 to $30
    ** As of Thursday's close, stock down 58.1% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com))