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On Tuesday, Stifel analysts adjusted their outlook on Bolt Biotherapeutics, Inc. (NASDAQ: BOLT), reducing the price target to $1.25 from the previous $1.50 while maintaining a Hold rating on the stock. The company’s shares, currently trading at $0.44, have seen a 7.5% gain over the past week despite a challenging year-to-date decline of 18%. According to InvestingPro data, three additional analysts are covering the stock, with targets ranging up to $2.00. This change comes as the company recently completed patient enrollment for its Phase 1 single-agent BDC-3042 dose-escalation trial, anticipating a presentation of the results at a medical conference in the second quarter of 2025.
The analysts acknowledged positive developments, such as the absence of dose-limiting toxicities and evidence of biological activity in the trial. However, they highlighted that any further development of BDC-3042, including combination dose-escalation with PD-(L)1 mAb and dose-expansion in select tumor types, would likely require a strategic partnership.
The initiation of another Phase 1 trial for BDC-4182 in patients with gastroesophageal adenocarcinoma (GEA) is set to leverage a higher-potency ISAC payload and a clinically-validated antigen, CLDN18.2. The Stifel team noted the competitive nature of the CLDN18.2 drug development landscape, emphasizing the high safety and efficacy standards required for success.
The analysts expressed caution, considering the proximity of the upcoming trial data to the company’s unchanged cash runway guidance, which is expected to last until mid-2026. This tight timeline suggests that there is little room for error in the company’s partnering and development strategies. The Hold rating reflects Stifel’s cautious stance as Bolt Biotherapeutics progresses through these critical phases of development. With a market capitalization of just $16.75 million and an EBITDA of -$70.51 million in the last twelve months, the company’s financial health score on InvestingPro remains "Fair," with 8 additional key insights available to subscribers.
In other recent news, Bolt Biotherapeutics, Inc. has announced its transfer from The Nasdaq Global Select Market to The Nasdaq Capital Market. This strategic move is part of the company’s efforts to comply with Nasdaq’s minimum bid price requirement. Previously, Bolt Biotherapeutics was notified that its stock did not meet the minimum $1.00 bid price per share requirement. Despite an extension until December 30, 2024, the company failed to meet the criteria and was granted an additional 180 days to comply. The transfer was approved as Bolt Biotherapeutics met all other applicable initial listing requirements, except for the bid price. The company has expressed its intention to address the deficiency, potentially through a reverse stock split. Bolt Biotherapeutics now has until June 30, 2025, to achieve a closing bid price of at least $1.00 per share for 10 consecutive business days. If compliance is not met by the deadline, Nasdaq will issue a delisting notification, which the company can appeal. However, success in regaining compliance or winning an appeal is not guaranteed.
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