Canaccord Genuity Starts Aduro Biotech (ADRO) at Buy

Canaccord Genuity initiates coverage on Aduro Biotech (NASDAQ: ADRO) with a Buy rating and a price target of $43.00.

Analyst John Newman commented, "Aduro is currently developing a portfolio of synthetic proprietary cyclic dinucleotides (CDN), small molecule immune modulators that target and activate the STING (stimulator of interferon genes) receptor pathway for cancer. We believe this technology is very interesting, particularly since the company recently signed a large collaborative agreement with Novaritis ($200 million upfront payment, $50 million equity investment from NVS, and $500M in potential development milestones) supporting the excitement around this platform. We await further details on specific indications and potential combination therapies from the company in the near future."

For an analyst ratings summary and ratings history on Aduro Biotech click here. For more ratings news on Aduro Biotech click here.

Shares of Aduro Biotech closed at $30.85 yesterday.

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