Intrinsic value of Adaptimmune Therapeutics ADR - ADAP

Previous Close

$10.44

  Intrinsic Value

$0.10

stock screener

  Rating & Target

str. sell

-99%

Previous close

$10.44

 
Intrinsic value

$0.10

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of ADAP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  61
  94
  140
  204
  288
  395
  531
  697
  897
  1,133
  1,406
  1,719
  2,072
  2,466
  2,899
  3,373
  3,885
  4,436
  5,023
  5,648
  6,308
  7,003
  7,732
  8,496
  9,293
  10,125
  10,991
  11,892
  12,829
  13,803
Variable operating expenses, $m
  80
  124
  185
  269
  380
  522
  700
  919
  1,183
  1,494
  1,855
  2,268
  2,734
  3,253
  3,825
  4,450
  5,126
  5,852
  6,628
  7,452
  8,322
  9,239
  10,202
  11,209
  12,261
  13,359
  14,501
  15,690
  16,926
  18,211
Fixed operating expenses, $m
  71
  72
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  92
  94
  96
  98
  100
  102
  104
  107
  109
  111
  114
  116
  119
  121
  124
  127
  130
  133
Total operating expenses, $m
  151
  196
  259
  344
  457
  601
  780
  1,001
  1,267
  1,580
  1,943
  2,358
  2,826
  3,347
  3,921
  4,548
  5,226
  5,954
  6,732
  7,559
  8,431
  9,350
  10,316
  11,325
  12,380
  13,480
  14,625
  15,817
  17,056
  18,344
Operating income, $m
  -90
  -102
  -119
  -140
  -169
  -205
  -250
  -305
  -370
  -448
  -537
  -639
  -753
  -881
  -1,022
  -1,175
  -1,341
  -1,519
  -1,709
  -1,910
  -2,124
  -2,348
  -2,583
  -2,830
  -3,087
  -3,355
  -3,634
  -3,925
  -4,227
  -4,541
EBITDA, $m
  -84
  -93
  -105
  -121
  -142
  -168
  -200
  -239
  -286
  -341
  -404
  -477
  -558
  -649
  -749
  -857
  -975
  -1,101
  -1,236
  -1,379
  -1,530
  -1,689
  -1,856
  -2,030
  -2,212
  -2,402
  -2,600
  -2,806
  -3,020
  -3,242
Interest expense (income), $m
  0
  0
  3
  6
  11
  18
  28
  40
  55
  73
  96
  122
  153
  187
  227
  271
  319
  372
  429
  490
  556
  625
  699
  776
  858
  943
  1,032
  1,124
  1,221
  1,321
  1,426
Earnings before tax, $m
  -90
  -105
  -125
  -152
  -187
  -233
  -290
  -360
  -444
  -543
  -659
  -791
  -941
  -1,108
  -1,292
  -1,494
  -1,712
  -1,947
  -2,199
  -2,466
  -2,749
  -3,047
  -3,360
  -3,687
  -4,030
  -4,387
  -4,759
  -5,146
  -5,548
  -5,967
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -90
  -105
  -125
  -152
  -187
  -233
  -290
  -360
  -444
  -543
  -659
  -791
  -941
  -1,108
  -1,292
  -1,494
  -1,712
  -1,947
  -2,199
  -2,466
  -2,749
  -3,047
  -3,360
  -3,687
  -4,030
  -4,387
  -4,759
  -5,146
  -5,548
  -5,967

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  229
  354
  530
  769
  1,085
  1,492
  2,003
  2,629
  3,384
  4,274
  5,307
  6,488
  7,820
  9,305
  10,941
  12,727
  14,660
  16,738
  18,956
  21,313
  23,803
  26,426
  29,179
  32,060
  35,070
  38,208
  41,476
  44,876
  48,412
  52,086
Adjusted assets (=assets-cash), $m
  229
  354
  530
  769
  1,085
  1,492
  2,003
  2,629
  3,384
  4,274
  5,307
  6,488
  7,820
  9,305
  10,941
  12,727
  14,660
  16,738
  18,956
  21,313
  23,803
  26,426
  29,179
  32,060
  35,070
  38,208
  41,476
  44,876
  48,412
  52,086
Revenue / Adjusted assets
  0.266
  0.266
  0.264
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
Average production assets, $m
  57
  88
  132
  192
  271
  372
  499
  656
  844
  1,066
  1,323
  1,618
  1,950
  2,320
  2,728
  3,174
  3,656
  4,174
  4,727
  5,315
  5,936
  6,590
  7,276
  7,995
  8,745
  9,528
  10,343
  11,191
  12,072
  12,989
Working capital, $m
  -13
  -21
  -31
  -45
  -64
  -87
  -117
  -154
  -198
  -250
  -311
  -380
  -458
  -545
  -641
  -745
  -859
  -980
  -1,110
  -1,248
  -1,394
  -1,548
  -1,709
  -1,878
  -2,054
  -2,238
  -2,429
  -2,628
  -2,835
  -3,050
Total debt, $m
  47
  116
  212
  343
  515
  738
  1,017
  1,360
  1,773
  2,260
  2,825
  3,471
  4,200
  5,012
  5,906
  6,883
  7,941
  9,077
  10,291
  11,580
  12,942
  14,377
  15,883
  17,459
  19,105
  20,821
  22,609
  24,469
  26,403
  28,413
Total liabilities, $m
  126
  194
  290
  421
  594
  816
  1,095
  1,438
  1,851
  2,338
  2,903
  3,549
  4,278
  5,090
  5,985
  6,962
  8,019
  9,156
  10,369
  11,658
  13,020
  14,455
  15,961
  17,537
  19,183
  20,900
  22,687
  24,547
  26,481
  28,491
Total equity, $m
  104
  161
  240
  348
  492
  676
  907
  1,191
  1,533
  1,936
  2,404
  2,939
  3,543
  4,215
  4,956
  5,765
  6,641
  7,582
  8,587
  9,655
  10,783
  11,971
  13,218
  14,523
  15,887
  17,308
  18,789
  20,329
  21,931
  23,595
Total liabilities and equity, $m
  230
  355
  530
  769
  1,086
  1,492
  2,002
  2,629
  3,384
  4,274
  5,307
  6,488
  7,821
  9,305
  10,941
  12,727
  14,660
  16,738
  18,956
  21,313
  23,803
  26,426
  29,179
  32,060
  35,070
  38,208
  41,476
  44,876
  48,412
  52,086
Debt-to-equity ratio
  0.460
  0.720
  0.880
  0.980
  1.050
  1.090
  1.120
  1.140
  1.160
  1.170
  1.170
  1.180
  1.190
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -90
  -105
  -125
  -152
  -187
  -233
  -290
  -360
  -444
  -543
  -659
  -791
  -941
  -1,108
  -1,292
  -1,494
  -1,712
  -1,947
  -2,199
  -2,466
  -2,749
  -3,047
  -3,360
  -3,687
  -4,030
  -4,387
  -4,759
  -5,146
  -5,548
  -5,967
Depreciation, amort., depletion, $m
  6
  9
  13
  19
  27
  37
  50
  66
  84
  107
  132
  162
  195
  232
  273
  317
  366
  417
  473
  531
  594
  659
  728
  799
  875
  953
  1,034
  1,119
  1,207
  1,299
Funds from operations, $m
  -84
  -96
  -112
  -133
  -160
  -196
  -240
  -294
  -359
  -437
  -526
  -629
  -746
  -876
  -1,019
  -1,176
  -1,347
  -1,530
  -1,726
  -1,935
  -2,155
  -2,388
  -2,632
  -2,888
  -3,155
  -3,434
  -3,724
  -4,027
  -4,341
  -4,668
Change in working capital, $m
  -5
  -7
  -10
  -14
  -19
  -24
  -30
  -37
  -44
  -52
  -61
  -69
  -78
  -87
  -96
  -105
  -113
  -122
  -130
  -138
  -146
  -154
  -161
  -169
  -176
  -184
  -191
  -199
  -207
  -215
Cash from operations, $m
  -79
  -88
  -101
  -119
  -142
  -172
  -210
  -257
  -315
  -384
  -466
  -560
  -668
  -789
  -924
  -1,072
  -1,234
  -1,408
  -1,596
  -1,797
  -2,009
  -2,234
  -2,471
  -2,719
  -2,979
  -3,250
  -3,533
  -3,828
  -4,134
  -4,452
Maintenance CAPEX, $m
  -4
  -6
  -9
  -13
  -19
  -27
  -37
  -50
  -66
  -84
  -107
  -132
  -162
  -195
  -232
  -273
  -317
  -366
  -417
  -473
  -531
  -594
  -659
  -728
  -799
  -875
  -953
  -1,034
  -1,119
  -1,207
New CAPEX, $m
  -22
  -31
  -44
  -60
  -79
  -101
  -127
  -156
  -188
  -222
  -258
  -295
  -332
  -370
  -408
  -445
  -482
  -518
  -553
  -588
  -621
  -654
  -686
  -718
  -750
  -783
  -815
  -848
  -882
  -916
Cash from investing activities, $m
  -26
  -37
  -53
  -73
  -98
  -128
  -164
  -206
  -254
  -306
  -365
  -427
  -494
  -565
  -640
  -718
  -799
  -884
  -970
  -1,061
  -1,152
  -1,248
  -1,345
  -1,446
  -1,549
  -1,658
  -1,768
  -1,882
  -2,001
  -2,123
Free cash flow, $m
  -104
  -125
  -154
  -191
  -240
  -300
  -374
  -464
  -569
  -691
  -830
  -987
  -1,162
  -1,354
  -1,564
  -1,790
  -2,033
  -2,292
  -2,567
  -2,857
  -3,162
  -3,482
  -3,816
  -4,165
  -4,529
  -4,907
  -5,301
  -5,710
  -6,135
  -6,576
Issuance/(repayment) of debt, $m
  47
  68
  96
  131
  173
  222
  279
  343
  412
  487
  565
  646
  729
  812
  895
  977
  1,058
  1,137
  1,214
  1,289
  1,362
  1,435
  1,506
  1,576
  1,646
  1,717
  1,788
  1,860
  1,934
  2,010
Issuance/(repurchase) of shares, $m
  129
  161
  204
  260
  331
  417
  521
  644
  785
  947
  1,127
  1,326
  1,544
  1,780
  2,033
  2,303
  2,588
  2,889
  3,204
  3,533
  3,877
  4,235
  4,607
  4,993
  5,393
  5,808
  6,239
  6,686
  7,150
  7,631
Cash from financing (excl. dividends), $m  
  176
  229
  300
  391
  504
  639
  800
  987
  1,197
  1,434
  1,692
  1,972
  2,273
  2,592
  2,928
  3,280
  3,646
  4,026
  4,418
  4,822
  5,239
  5,670
  6,113
  6,569
  7,039
  7,525
  8,027
  8,546
  9,084
  9,641
Total cash flow (excl. dividends), $m
  72
  104
  147
  200
  264
  339
  426
  523
  629
  743
  862
  985
  1,111
  1,238
  1,365
  1,490
  1,613
  1,733
  1,851
  1,965
  2,078
  2,188
  2,296
  2,403
  2,510
  2,618
  2,726
  2,836
  2,949
  3,065
Retained Cash Flow (-), $m
  -129
  -161
  -204
  -260
  -331
  -417
  -521
  -644
  -785
  -947
  -1,127
  -1,326
  -1,544
  -1,780
  -2,033
  -2,303
  -2,588
  -2,889
  -3,204
  -3,533
  -3,877
  -4,235
  -4,607
  -4,993
  -5,393
  -5,808
  -6,239
  -6,686
  -7,150
  -7,631
Prev. year cash balance distribution, $m
  138
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  10
  15
  23
  35
  51
  72
  99
  133
  174
  224
  283
  352
  430
  518
  616
  725
  843
  971
  1,109
  1,256
  1,412
  1,577
  1,751
  1,933
  2,124
  2,323
  2,531
  2,748
  2,973
  3,207
Cash available for distribution, $m
  81
  -57
  -58
  -61
  -67
  -78
  -95
  -121
  -156
  -204
  -265
  -341
  -433
  -542
  -669
  -813
  -975
  -1,156
  -1,353
  -1,568
  -1,800
  -2,047
  -2,311
  -2,589
  -2,883
  -3,191
  -3,513
  -3,850
  -4,201
  -4,566
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  78
  -52
  -50
  -50
  -52
  -56
  -64
  -75
  -90
  -107
  -126
  -146
  -165
  -182
  -196
  -207
  -212
  -213
  -208
  -199
  -186
  -170
  -151
  -132
  -112
  -93
  -75
  -60
  -46
  -34
Current shareholders' claim on cash, %
  83.4
  72.2
  64.0
  57.8
  52.8
  48.6
  45.2
  42.2
  39.6
  37.3
  35.2
  33.4
  31.7
  30.2
  28.8
  27.5
  26.3
  25.2
  24.2
  23.3
  22.4
  21.5
  20.7
  20.0
  19.2
  18.6
  17.9
  17.3
  16.7
  16.2

Adaptimmune Therapeutics plc is a clinical-stage biopharmaceutical company. The Company is focused on cancer immunotherapy products based on its Specific Peptide Enhanced Affinity Receptor (SPEAR) T-cell platform. The Company has developed a platform that enables it to identify cancer targets, find and genetically engineer TCR, and produce TCR therapeutic candidates for administration to patients. The Company engineers TCRs to increase the affinity to cancer specific peptides in order to destroy cancer cells in patients. The Company is developing multiple SPEAR T-cells to different target peptides in selected disease indications to increase the probability of treating patients with a given disease indication and potentially the ability for re-treatment of patients with a different SPEAR T-cell. It has three SPEAR T-cells in clinical trials, which are directed to cancer testis antigens, NY-ESO-1, MAGE-A4 and MAGE-A10.

FINANCIAL RATIOS  of  Adaptimmune Therapeutics ADR (ADAP)

Valuation Ratios
P/E Ratio -61.6
Price to Sales 316.8
Price to Book 26.7
Price to Tangible Book
Price to Cash Flow -92.4
Price to Free Cash Flow -72.7
Growth Rates
Sales Growth Rate 55.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30%
Cap. Spend. - 3 Yr. Gr. Rate 67%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -27.6%
Ret/ On Assets - 3 Yr. Avg. -16.2%
Return On Total Capital -35.9%
Ret/ On T. Cap. - 3 Yr. Avg. -20.9%
Return On Equity -35.9%
Return On Equity - 3 Yr. Avg. -20.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -485.7%
EBITDA Margin - 3 Yr. Avg. -313.8%
Operating Margin -521.4%
Oper. Margin - 3 Yr. Avg. -340.5%
Pre-Tax Margin -507.1%
Pre-Tax Margin - 3 Yr. Avg. -328.3%
Net Profit Margin -514.3%
Net Profit Margin - 3 Yr. Avg. -323.3%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. 2.9%
Payout Ratio 0%

ADAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADAP stock intrinsic value calculation we used $38 million for the last fiscal year's total revenue generated by Adaptimmune Therapeutics ADR. The default revenue input number comes from 2017 income statement of Adaptimmune Therapeutics ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADAP stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ADAP is calculated based on our internal credit rating of Adaptimmune Therapeutics ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Adaptimmune Therapeutics ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADAP stock the variable cost ratio is equal to 132.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $69 million in the base year in the intrinsic value calculation for ADAP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Adaptimmune Therapeutics ADR.

Corporate tax rate of 27% is the nominal tax rate for Adaptimmune Therapeutics ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADAP stock is equal to 25%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADAP are equal to 94.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Adaptimmune Therapeutics ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADAP is equal to -22.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $203 million for Adaptimmune Therapeutics ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 528 million for Adaptimmune Therapeutics ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Adaptimmune Therapeutics ADR at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Benzinga Pro's 5 Stocks To Watch Today   [Jul-18-18 08:32AM  Benzinga]
▶ Adaptimmune Announces Changes to Board of Directors   [Apr-12-18 08:00AM  GlobeNewswire]
▶ 4 Strong Buy Biotech Stocks Poised to Explode   [Mar-29-18 07:03AM  TheStreet.com]
▶ Adaptimmune Stock: How Long Will Rally Continue?   [Mar-26-18 10:50AM  Investopedia]
▶ 3 Hot Junior Biotech Plays   [Mar-16-18 10:10AM  Investopedia]
▶ Adaptimmune marks Official Opening of U.K. Headquarters   [Nov-06-17 08:09AM  GlobeNewswire]
▶ Adaptimmune Reports Second Quarter 2017 Financial Results   [Aug-03-17 07:30AM  GlobeNewswire]
▶ 5 Stocks Setting Up for Big Breakouts   [May-26-17 12:46PM  TheStreet.com]
▶ Adaptimmune Reports First Quarter 2017 Financial Results   [May-10-17 07:30AM  GlobeNewswire]
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