Atara Biotherapeutics Upgraded to Buy with $13 Target After FDA Clears Tabelecleucel Path
ATRA•Canaccord Genuity upgraded Atara Biotherapeutics to Buy with a $13.00 price target, implying about 31% upside from its $9.93 close. A productive FDA meeting cleared a single-arm study pathway for tabelecleucel, triggering a 92.82% share surge on over 75 million shares traded.
1. Canaccord Genuity Upgrade and Price Target
Canaccord Genuity raised Atara Biotherapeutics to a Buy rating and set a $13.00 price target, implying roughly 31% upside from the stock’s $9.93 close on the day of the announcement.
2. FDA Meeting Clarifies Tabelecleucel Pathway
A productive meeting with the FDA confirmed that a single-arm study comparing new data to historical controls could suffice for the future resubmission of tabelecleucel’s application, offering a clear regulatory pathway for approval.
3. Stock Surge and Trading Volume
Shares of Atara Biotherapeutics jumped 92.82%, climbing $4.78 to close at $9.93, as trading volume exceeded 75 million shares, reflecting heightened investor interest and optimism around the regulatory update.
4. Market Cap and Next Development Steps
Atara’s market capitalization reached approximately $84.5 million following the rally, and the company is expected to initiate the agreed single-arm study protocol for tabelecleucel as the next step toward FDA approval.
