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Investing.com - BioAtla Inc. (NASDAQ:BCAB), currently trading at $0.61 after surging over 36% in the past week, maintained its Market Perform rating from JMP Securities analyst Reni Benjamin, who assigned a $0.60 fair value to the stock. According to InvestingPro analysis, the stock shows significant momentum with a 77% gain over the past six months.
The rating reaffirmation follows BioAtla’s announcement that it has secured FDA alignment on a Phase 3 trial design, including endpoints required for accelerated approval. The company plans to initiate the pivotal study in early 2026, contingent upon securing a strategic partner.
JMP’s valuation comprises a $0.31 cash per share estimate for Q2 2025 and a $0.29 platform value. The firm remains on the sidelines until either promising data emerges from the company’s CAB EpCAMxCD3 TCE asset (BA3182) or a partnership provides non-dilutive capital.
BioAtla currently holds a cash position of $18.2 million and expects to present updated data for BA3182 at the ESMO conference scheduled for October 17-21, 2025.
The analyst noted that while the FDA alignment represents positive news for investors, JMP will not reevaluate its market models until a partnership is formalized, citing no revenues or earnings expected in the near future.
In other recent news, BioAtla Inc. reported its second-quarter 2025 earnings, which showed a larger-than-expected loss per share. The company also noted a significant decrease in its research and development expenses. In regulatory developments, BioAtla announced that it has received alignment from the U.S. Food and Drug Administration on the design of a pivotal Phase 3 trial for its cancer drug candidate, ozuriftamab vedotin. This trial will involve around 300 patients with oropharyngeal squamous cell carcinoma. Meanwhile, Citizens JMP downgraded BioAtla from Market Outperform to Market Perform, citing concerns over cash reserves and an uncertain partnership outlook. The research note highlighted a cash per share valuation of $0.31 and a platform value of $0.07, leading to a fair value of $0.38 per share. These recent developments reflect a mix of regulatory progress and financial challenges for the company.
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