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On Wednesday, H.C. Wainwright reiterated a Neutral rating on shares of Bolt Biotherapeutics , Inc. (NASDAQ:BOLT) following a review of the company’s latest clinical candidate, BDC-4182. The company, currently trading at $0.42 per share and showing a -65% return over the past year, appears undervalued according to InvestingPro analysis. With a market capitalization of just $16 million, BOLT maintains strong liquidity with a current ratio of 3.2. The candidate targets Claudin 18.2, a cancer antigen that has been clinically validated, and is being developed as a next-generation Boltbody Immune-Stimulating Antibody Conjugate (ISAC). InvestingPro data reveals the company holds more cash than debt on its balance sheet, though it’s currently burning through cash rapidly - a critical factor for investors monitoring clinical development progress.
Bolt Biotherapeutics previously disclosed pre-clinical data for BDC-4182 during the 39th Annual Meeting of the Society for Immunotherapy of Cancer (SITC), which took place in 2024. The data showed that BDC-4182 was well tolerated in non-human primates at the highest dose level tested, which was 12mg/kg. The candidate also demonstrated an acceptable safety profile.
Comparative studies indicated that BDC-4182 had superior efficacy when matched against cytotoxic claudin 18.2 antibody-drug conjugates (ADCs) in syngeneic models. Bolt Biotherapeutics suggests that the favorable toxicology profile of BDC-4182 could potentially allow it to be combined with various treatments such as checkpoint inhibitors, chemotherapy, and anti-angiogenesis agents, which are commonly used in first and second line (1L and 2L) cancer treatments.
Currently, BDC-4182 is undergoing Investigational New Drug (IND)-enabling activities. Bolt Biotherapeutics is preparing to initiate a first-in-human trial with BDC-4182 for patients suffering from gastric cancer. The trial is expected to commence in Australia in the second quarter of 2025.
The H.C. Wainwright analyst stated that they are not including BDC-4182 in their valuation of Bolt Biotherapeutics at this time. However, they plan to reevaluate their stance upon the release of efficacy data from the upcoming clinical trials. The firm maintains its Neutral rating on the stock pending further developments. According to InvestingPro, analysts have set price targets ranging from $1.00 to $1.25, suggesting potential upside, though the company is not expected to be profitable this year. Discover 5 more exclusive ProTips and detailed financial metrics with an InvestingPro subscription.
In other recent news, Bolt Biotherapeutics has made significant strategic adjustments. The company has transferred from The Nasdaq Global Select Market to The Nasdaq Capital Market to address compliance with Nasdaq’s minimum bid price requirement. Bolt Biotherapeutics has been granted an additional 180 days, until June 30, 2025, to meet the $1.00 bid price per share requirement, with plans for a reverse stock split if necessary. Meanwhile, Stifel analysts have adjusted their outlook on Bolt Biotherapeutics, reducing the stock price target to $1.25 from $1.50, while maintaining a Hold rating. This decision follows the company’s completion of patient enrollment for its Phase 1 BDC-3042 dose-escalation trial, with results expected in the second quarter of 2025. Stifel noted the absence of dose-limiting toxicities but emphasized the need for strategic partnerships for further development. The initiation of another Phase 1 trial for BDC-4182 in patients with gastroesophageal adenocarcinoma highlights the competitive landscape and high standards required. The company’s cash runway guidance remains unchanged, expected to last until mid-2026, suggesting a tight timeline for development strategies.
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