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On Friday, BTIG analyst Justin Zelin revised the price target on BioAtla Inc. (NASDAQ:BCAB) shares, reducing it to $10.00 from the previous $13.00, while maintaining a Buy rating on the company’s stock. Currently trading at $0.39, the stock sits well below the broader analyst target range of $5-$14, according to InvestingPro data. The adjustment was made following BioAtla’s fourth-quarter earnings report for the fiscal year 2024.
BioAtla has been actively working on partnerships for its CAB ROR2 and CTLA-4 programs. The company is currently in the process of finding a partner for the ROR2 program and has started discussions to partner the CTLA-4 program. These collaborations are part of BioAtla’s strategy to advance its pipeline and bring its therapies to market. With a market capitalization of just $22.78 million, InvestingPro analysis indicates the company holds more cash than debt, though it’s quickly burning through its reserves.
The company provided an update on its EpCAM program, with new data expected around the middle of 2025. Patients are now being treated at a 300ug dosage, which is anticipated to be effective in reducing tumor size. Expansion of this dose’s data is projected for the first half of 2026. Additionally, BioAtla revealed new findings from its AXL program, which showed a 25% objective response rate (ORR) in patients with mutant KRAS non-small cell lung cancer (NSCLC) who had undergone a median of three prior lines of therapy. Phase 2 data for this program is also expected in the first half of 2026.
Further updates were provided regarding the ROR2 antibody-drug conjugate (ADC), particularly noting its efficacy in human papillomavirus-positive (HPV+) patients, with a 27% confirmed ORR thus far. The company’s recent financial activities, including a capital raise in December 2024, have also been factored into BTIG’s updated model, resulting in the lowered price target.
Zelin reaffirms the Buy rating for BioAtla, indicating a continued positive outlook on the company’s stock despite the reduced price target. This reflects the analyst’s confidence in BioAtla’s ongoing clinical programs and potential for future partnerships. While the stock has experienced a significant decline of 88.59% over the past year, InvestingPro analysis shows the company maintains a healthy current ratio of 3.11, suggesting strong short-term liquidity. For deeper insights into BioAtla’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, BioAtla Inc. reported its financial results for the fourth quarter of 2024, showcasing a strategic focus on cost management and clinical advancements. The company reported a net loss of $14.9 million, a significant improvement from the $26.9 million net loss in the same quarter the previous year. This reduction was largely due to a decrease in research and development expenses, which dropped from $22.7 million to $11.6 million. BioAtla also announced a workforce reduction of over 30% as part of its cost-cutting measures to extend its financial runway. The company highlighted advancements in its clinical programs, particularly in its CAB platform technologies, which are designed to enhance the potency and safety of therapeutic candidates targeting solid tumors. BioAtla’s cash and cash equivalents stood at $49 million as of December 31, 2024, down from $111.5 million a year earlier. The company continues to pursue strategic partnerships to bolster its asset portfolio, with key clinical readouts expected in the first half of 2025. Analysts from firms like BTIG and Jefferies are closely monitoring BioAtla’s progress, particularly in its innovative approaches to cancer treatment.
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