Aadi Bioscience slides as cancer therapy fails to impress
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
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