An analyst from Canaccord Genuity has upgraded Atara Biotherapeutics (NASDAQ: ATRA), a leading cell therapy company, to a Buy rating. The analyst set a new price target of $13.00 for Atara Biotherapeutics, suggesting a potential 30.92% upside from its price of $9.93 when the target was set.
This new rating follows a key regulatory update from the biotechnology stock. As highlighted by Business Wire, Atara Biotherapeutics and its partner, Pierre Fabre Pharmaceuticals, had a productive meeting with the U.S. Food and Drug Administration (FDA). The meeting was about its drug, tabelecleucel, and its path to potential FDA approval.
The discussion established a potential way forward for resubmitting the drug's application. The FDA agreed that a single-arm study, which compares new data to existing historical data, could be enough to support a future application. This provides a clearer regulatory pathway for the company's drug development.
The market reacted strongly to this development, reflecting positive investor sentiment. Shares of Atara Biotherapeutics surged 92.82%, a gain of $4.78, to close at $9.93. The trading volume was exceptionally high at over 75.02 million shares, showing significant investor interest in the update.
The stock's price fluctuated during the day, trading between a low of $6.80 and a high of $12.43. The biotech investment now has a market capitalization of approximately $84.53 million. Market capitalization is the total value of a company's outstanding shares and is used to estimate its size.
