Intrinsic value of Adaptimmune Therapeutics ADR - ADAP

Previous Close

$5.65

  Intrinsic Value

$0.86

stock screener

  Rating & Target

str. sell

-85%

Previous close

$5.65

 
Intrinsic value

$0.86

 
Up/down potential

-85%

 
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 0001), $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 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  203
  286
  394
  528
  694
  893
  1,128
  1,400
  1,712
  2,063
  2,455
  2,887
  3,358
  3,868
  4,416
  5,001
  5,623
  6,280
  6,972
  7,698
  8,459
  9,253
  10,081
  10,943
  11,840
  12,773
  13,742
Variable operating expenses, $m
  80
  123
  184
  266
  376
  517
  694
  911
  1,172
  1,480
  1,838
  2,247
  2,708
  3,222
  3,789
  4,407
  5,076
  5,796
  6,564
  7,380
  8,243
  9,151
  10,104
  11,102
  12,144
  13,230
  14,362
  15,539
  16,764
  18,036
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
  195
  258
  341
  453
  596
  774
  993
  1,256
  1,566
  1,926
  2,337
  2,800
  3,316
  3,885
  4,505
  5,176
  5,898
  6,668
  7,487
  8,352
  9,262
  10,218
  11,218
  12,263
  13,351
  14,486
  15,666
  16,894
  18,169
Operating income, $m
  -90
  -101
  -117
  -139
  -167
  -202
  -246
  -299
  -363
  -438
  -525
  -624
  -736
  -861
  -998
  -1,147
  -1,308
  -1,482
  -1,667
  -1,864
  -2,071
  -2,290
  -2,519
  -2,759
  -3,010
  -3,271
  -3,543
  -3,826
  -4,121
  -4,427
EBITDA, $m
  -81
  -88
  -98
  -110
  -127
  -147
  -172
  -202
  -239
  -281
  -330
  -386
  -449
  -519
  -596
  -679
  -770
  -867
  -971
  -1,081
  -1,197
  -1,319
  -1,447
  -1,582
  -1,722
  -1,868
  -2,020
  -2,178
  -2,342
  -2,513
Interest expense (income), $m
  0
  0
  3
  6
  11
  18
  28
  39
  54
  73
  95
  121
  151
  186
  225
  268
  316
  369
  425
  486
  551
  620
  693
  770
  851
  935
  1,023
  1,115
  1,211
  1,311
  1,414
Earnings before tax, $m
  -90
  -104
  -124
  -150
  -185
  -229
  -285
  -353
  -436
  -533
  -646
  -776
  -922
  -1,086
  -1,266
  -1,463
  -1,677
  -1,907
  -2,153
  -2,415
  -2,692
  -2,983
  -3,289
  -3,610
  -3,945
  -4,295
  -4,659
  -5,037
  -5,431
  -5,841
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
  -104
  -124
  -150
  -185
  -229
  -285
  -353
  -436
  -533
  -646
  -776
  -922
  -1,086
  -1,266
  -1,463
  -1,677
  -1,907
  -2,153
  -2,415
  -2,692
  -2,983
  -3,289
  -3,610
  -3,945
  -4,295
  -4,659
  -5,037
  -5,431
  -5,841

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
  228
  352
  526
  763
  1,076
  1,480
  1,986
  2,608
  3,356
  4,239
  5,264
  6,435
  7,757
  9,229
  10,852
  12,623
  14,541
  16,602
  18,802
  21,139
  23,610
  26,211
  28,941
  31,799
  34,784
  37,897
  41,138
  44,511
  48,018
  51,663
Adjusted assets (=assets-cash), $m
  228
  352
  526
  763
  1,076
  1,480
  1,986
  2,608
  3,356
  4,239
  5,264
  6,435
  7,757
  9,229
  10,852
  12,623
  14,541
  16,602
  18,802
  21,139
  23,610
  26,211
  28,941
  31,799
  34,784
  37,897
  41,138
  44,511
  48,018
  51,663
Revenue / Adjusted assets
  0.268
  0.267
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
Average production assets, $m
  56
  86
  129
  186
  263
  362
  486
  638
  820
  1,036
  1,287
  1,573
  1,896
  2,256
  2,653
  3,086
  3,555
  4,058
  4,596
  5,168
  5,772
  6,407
  7,075
  7,773
  8,503
  9,264
  10,056
  10,881
  11,738
  12,629
Working capital, $m
  -90
  -139
  -209
  -303
  -427
  -587
  -788
  -1,034
  -1,331
  -1,681
  -2,088
  -2,552
  -3,076
  -3,660
  -4,304
  -5,006
  -5,767
  -6,584
  -7,457
  -8,384
  -9,364
  -10,395
  -11,478
  -12,612
  -13,796
  -15,030
  -16,316
  -17,653
  -19,044
  -20,490
Total debt, $m
  46
  114
  209
  339
  511
  731
  1,008
  1,348
  1,758
  2,240
  2,801
  3,442
  4,165
  4,970
  5,858
  6,827
  7,876
  9,003
  10,207
  11,485
  12,836
  14,259
  15,753
  17,316
  18,949
  20,651
  22,425
  24,269
  26,188
  28,181
Total liabilities, $m
  124
  192
  288
  417
  589
  809
  1,086
  1,427
  1,836
  2,319
  2,879
  3,520
  4,243
  5,048
  5,936
  6,905
  7,954
  9,081
  10,285
  11,563
  12,915
  14,337
  15,831
  17,394
  19,027
  20,730
  22,503
  24,348
  26,266
  28,259
Total equity, $m
  103
  159
  238
  346
  488
  670
  900
  1,181
  1,520
  1,920
  2,384
  2,915
  3,514
  4,181
  4,916
  5,718
  6,587
  7,521
  8,517
  9,576
  10,695
  11,874
  13,110
  14,405
  15,757
  17,167
  18,636
  20,163
  21,752
  23,403
Total liabilities and equity, $m
  227
  351
  526
  763
  1,077
  1,479
  1,986
  2,608
  3,356
  4,239
  5,263
  6,435
  7,757
  9,229
  10,852
  12,623
  14,541
  16,602
  18,802
  21,139
  23,610
  26,211
  28,941
  31,799
  34,784
  37,897
  41,139
  44,511
  48,018
  51,662
Debt-to-equity ratio
  0.450
  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
  -104
  -124
  -150
  -185
  -229
  -285
  -353
  -436
  -533
  -646
  -776
  -922
  -1,086
  -1,266
  -1,463
  -1,677
  -1,907
  -2,153
  -2,415
  -2,692
  -2,983
  -3,289
  -3,610
  -3,945
  -4,295
  -4,659
  -5,037
  -5,431
  -5,841
Depreciation, amort., depletion, $m
  9
  13
  20
  28
  40
  55
  74
  97
  124
  157
  195
  238
  287
  342
  402
  468
  539
  615
  696
  783
  874
  971
  1,072
  1,178
  1,288
  1,404
  1,524
  1,649
  1,779
  1,914
Funds from operations, $m
  -81
  -91
  -104
  -122
  -145
  -174
  -211
  -257
  -311
  -376
  -451
  -537
  -635
  -744
  -864
  -996
  -1,139
  -1,292
  -1,457
  -1,632
  -1,817
  -2,012
  -2,217
  -2,432
  -2,657
  -2,891
  -3,135
  -3,389
  -3,653
  -3,927
Change in working capital, $m
  -34
  -49
  -69
  -94
  -124
  -160
  -201
  -247
  -297
  -350
  -406
  -465
  -524
  -584
  -644
  -703
  -761
  -817
  -873
  -927
  -980
  -1,032
  -1,083
  -1,133
  -1,184
  -1,234
  -1,286
  -1,338
  -1,391
  -1,446
Cash from operations, $m
  -47
  -42
  -35
  -28
  -21
  -14
  -10
  -10
  -15
  -26
  -45
  -73
  -111
  -160
  -220
  -293
  -378
  -475
  -584
  -705
  -837
  -981
  -1,135
  -1,299
  -1,473
  -1,656
  -1,849
  -2,051
  -2,262
  -2,482
Maintenance CAPEX, $m
  -5
  -8
  -13
  -19
  -28
  -40
  -55
  -74
  -97
  -124
  -157
  -195
  -238
  -287
  -342
  -402
  -468
  -539
  -615
  -696
  -783
  -874
  -971
  -1,072
  -1,178
  -1,288
  -1,404
  -1,524
  -1,649
  -1,779
New CAPEX, $m
  -21
  -30
  -43
  -58
  -77
  -99
  -124
  -152
  -183
  -216
  -251
  -286
  -323
  -360
  -397
  -433
  -469
  -504
  -538
  -571
  -604
  -636
  -667
  -699
  -730
  -761
  -792
  -824
  -857
  -891
Cash from investing activities, $m
  -26
  -38
  -56
  -77
  -105
  -139
  -179
  -226
  -280
  -340
  -408
  -481
  -561
  -647
  -739
  -835
  -937
  -1,043
  -1,153
  -1,267
  -1,387
  -1,510
  -1,638
  -1,771
  -1,908
  -2,049
  -2,196
  -2,348
  -2,506
  -2,670
Free cash flow, $m
  -73
  -80
  -91
  -105
  -125
  -153
  -189
  -236
  -294
  -366
  -452
  -554
  -672
  -807
  -959
  -1,128
  -1,314
  -1,517
  -1,737
  -1,973
  -2,224
  -2,491
  -2,773
  -3,069
  -3,380
  -3,706
  -4,045
  -4,399
  -4,768
  -5,151
Issuance/(repayment) of debt, $m
  46
  68
  95
  130
  171
  221
  277
  340
  409
  483
  561
  641
  723
  805
  888
  969
  1,049
  1,127
  1,204
  1,278
  1,351
  1,423
  1,493
  1,563
  1,633
  1,703
  1,773
  1,845
  1,918
  1,994
Issuance/(repurchase) of shares, $m
  128
  160
  203
  258
  327
  412
  515
  635
  775
  933
  1,110
  1,307
  1,521
  1,752
  2,001
  2,266
  2,546
  2,841
  3,150
  3,473
  3,811
  4,161
  4,526
  4,905
  5,297
  5,705
  6,127
  6,565
  7,020
  7,492
Cash from financing (excl. dividends), $m  
  174
  228
  298
  388
  498
  633
  792
  975
  1,184
  1,416
  1,671
  1,948
  2,244
  2,557
  2,889
  3,235
  3,595
  3,968
  4,354
  4,751
  5,162
  5,584
  6,019
  6,468
  6,930
  7,408
  7,900
  8,410
  8,938
  9,486
Total cash flow (excl. dividends), $m
  101
  148
  207
  282
  373
  480
  602
  740
  890
  1,050
  1,219
  1,393
  1,571
  1,751
  1,930
  2,107
  2,280
  2,451
  2,617
  2,779
  2,938
  3,093
  3,247
  3,399
  3,550
  3,702
  3,855
  4,011
  4,170
  4,334
Retained Cash Flow (-), $m
  -128
  -160
  -203
  -258
  -327
  -412
  -515
  -635
  -775
  -933
  -1,110
  -1,307
  -1,521
  -1,752
  -2,001
  -2,266
  -2,546
  -2,841
  -3,150
  -3,473
  -3,811
  -4,161
  -4,526
  -4,905
  -5,297
  -5,705
  -6,127
  -6,565
  -7,020
  -7,492
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
  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
Cash available for distribution, $m
  111
  -12
  5
  25
  46
  68
  88
  104
  115
  117
  108
  87
  51
  -2
  -71
  -159
  -265
  -390
  -533
  -694
  -873
  -1,068
  -1,279
  -1,506
  -1,748
  -2,003
  -2,272
  -2,555
  -2,850
  -3,157
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
  107
  -11
  4
  20
  36
  49
  59
  65
  66
  61
  51
  37
  19
  -1
  -21
  -40
  -58
  -72
  -82
  -88
  -90
  -89
  -84
  -77
  -68
  -58
  -49
  -40
  -31
  -24
Current shareholders' claim on cash, %
  57.1
  35.9
  24.2
  17.1
  12.6
  9.5
  7.4
  5.8
  4.7
  3.8
  3.1
  2.6
  2.1
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2

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 -33.3
Price to Sales 171.4
Price to Book 14.5
Price to Tangible Book
Price to Cash Flow -50
Price to Free Cash Flow -39.3
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 $37.833 million for the last fiscal year's total revenue generated by Adaptimmune Therapeutics ADR. The default revenue input number comes from 0001 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 131.6%.

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 0%.

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 91.9%.

Life of production assets of 6.6 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 -149.1%. 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 - $202.984 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 94.416 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 $0.5 billion.

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COMPANY NEWS

▶ 3 Biotech Stocks That Big Investors Are Snatching Up   [Sep-19-18 07:30AM  Barrons.com]
▶ Why AdaptImmune collected $27.5M from GSK   [Jul-24-18 12:20PM  American City Business Journals]
▶ 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]

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