Adagio Therapeutics Upgraded at Morgan Stanley on Omicron Potential -Breaking
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Sam Boughedda
Investing.com — Adagio Therapeutics Inc (NASDAQ:) stock jumped 58% after Morgan Stanley} upgraded it to overweight from equal weight following the emergence of the Covid-19 Omicron variant.
Matthew Harrison is an analyst with the bank. He said that current evidence shows the new variant could become the predominant strain within the next few years. Because of its transmissibility and high cost, it would be necessary to increase the demand for antibodies which can neutralize this variant.
Analyst believes that the variant could compromise leading antibodies for Eli Lilly and Company and Regeneron (NASDAQ. However, he told investors that Adagio’s ADG20, an investigational antibody product candidate, is highly effective and has other “preferable characteristics.”
Harrison has increased the target price for the stock to $49 (from $33), around $8 higher than its current value. Harrison also projects 4 million doses government stockpiling ADG20 and $1.8 Billion in sales.
Adagio issued a statement stating that none of the Omricon mutations were able to escape ADG20 neutralization. The statement stated that additional studies were ongoing, and they have plans to submit an emergency use authorization in the middle of 2022.
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