On Wednesday, Stifel, a financial services firm, updated its outlook on shares of Atara Biotherapeutics (NASDAQ:ATRA), increasing the price target to $10.00 from the previous $9.00. The firm has decided to maintain a Hold rating on the stock.
The adjustment reflects Atara's recent confirmation of its timeline for releasing data on ATA3219 for non-Hodgkin lymphoma (NHL) in the first quarter of 2025, as well as initial data on Lupus Nephritis expected by mid-2025. The company has also indicated that it has sufficient cash to continue operations into 2027.
Stifel's position remains unchanged as they await the initial clinical data for ATA3219 in NHL. The firm believes that this forthcoming data could provide insights into the potential of Atara's partial-HLA matching strategy, which might set the company apart from other allogeneic approaches in the market.
Additionally, the data is anticipated to shed light on the potential of ATA3219 to be effective in Lupus Nephritis/Systemic Lupus Erythematosus (LN/SLE). Investors are expected to look for evidence of expansion, B cell depletion, and the persistence of the treatment's effects.
Before the release of Atara's data, Stifel anticipates that results from FATE Therapeutics (Hold, $2.38) could begin to influence the broader narrative on allogeneic CAR-T therapies in LN. Initial data from FATE's FT819 is expected at upcoming ACR and ASH conferences.
Both FT819 and ATA3219 incorporate the novel 1XX costimulatory domain. However, Stifel cautions against drawing strong conclusions from this, as FT819 does not employ HLA matching.
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