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Adagio Therapeutics Stock Doubles After Jefferies Report

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By Sam Boughedda

Investing.com — Adagio Therapeutics Inc (NASDAQ:ADGI) stock has more than doubled Thursday following comments from Jefferies regarding the company's Covid antibody treatment.

On Tuesday, Adagio's stock plummeted after it reported its antibody treatment for Covid-19 showed reduced effectiveness on the Omicron variant. It resulted in downgrades and price target reductions for the stock, with Morgan Stanley saying the news "will limit the drug's utility."

However, a note from Jefferies analyst Michael Yee has reversed the fall in the stock.

Yee, who kept a buy rating on the shares but lowered its price target to $46 from $60, told investors that two new pre-print publications from respected independent laboratories indicate that the drug maintains neutralization activity against Omicron.

Yee added the therapy "could be similar" to GSK and Vir Biotechnology, who said this week their monoclonal antibodies have activity.

While the analyst's note contrasts with Adagio's recent comments, Yee concluded by saying Adagio still has work to do to confirm the new data, which might suggest the therapy is useful against Omicron.

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