Unum Therapeutics price target lowered to $13 from $20 at Wedbush
Wedbush analyst David Nierengarten lowered his price target for Unum Therapeutics to $13 from $20, while reiterating an Outperform rating on the shares. The analyst notes that the company provided a preliminary update from the Phase 1 ATTCK-20-03 trial of ACTR707 + rituximab combo in r/r B-cell non-Hodgkin lymphoma with data from Cohort 3, which had a complete response of 20% and an overall response rate of 80%. Although the analyst acknowledges that it was "encouraging" to see a higher response rate in Cohort 3, the slip in CR rate is "difficult to overlook," given a CR of 50% and 33% in Cohorts 1 and 2, respectively. Nonetheless, Nierengarten sees the data readouts in the second half of 2019 as opportunity to lend credibility to Unum Therapeutics' platform and provide upside to the company's valuation.