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Investing.com - Leerink Partners has lowered its price target on Bolt Biotherapeutics, Inc. (NASDAQ:BOLT) to $6.00 from $20.00 while maintaining a Market Perform rating on the stock. According to InvestingPro data, the stock has declined over 53% year-to-date, with current analysis suggesting the company is trading below its Fair Value.
The firm cited Bolt’s limited cash runway of less than one year as a key concern, emphasizing that securing a partnership for BDC-3042, the company’s first-in-class Dectin-2 agonist monoclonal antibody, represents a critical near-term catalyst. InvestingPro data confirms this concern, showing the company is quickly burning through cash, though it maintains a healthy current ratio of 3.11, indicating sufficient liquid assets to meet short-term obligations.
Leerink noted that BDC-3042 showed encouraging signals in Phase 1 dose escalation trials, including one confirmed partial response in a heavily pre-treated non-small cell lung cancer patient who had previously undergone anti-PD-(L)1 therapy plus chemotherapy, multiple radiotherapy courses, and RAS-targeted therapy.
Despite these positive signals, Leerink expressed concern about weak buyer appetite and valuations for immuno-oncology assets, suggesting that any potential deal may not provide sufficient capital to extend Bolt’s runway ahead of its BDC-4182 Phase 1 dose-escalation data expected in the first half of 2026.
The firm acknowledged the strategic value of targeting CLDN18.2 for Bolt’s next-generation immune stimulating antibody conjugate platform, but highlighted class-intrinsic risks for higher-potency ISACs like BDC-4182, including potential systemic cytokine activation and off-tumor effects.
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