BCAB - BioAtla cut to Neutral at Credit Suisse after disappointing data for lead asset
BioAtla (NASDAQ:BCAB) has recorded its worst intraday performance on Thursday after the clinical-stage biotech announced interim data from a Phase 2 trial that prompted Credit Suisse to downgrade the stock to Neutral from Outperform. Updated data generated from patients with soft tissue and primary bone sarcomas indicated only two partial responses (PR) out of six patients who received the company’s lead candidate, mecbotamab vedotin (BA3011). Citing Phase 1 data, where there were four sarcoma PRs, the firm doubts how BioAtla (BCAB) can replicate the data in larger sample sizes, especially because they are likely to involve more heavily pre-treated patients. Assuming a smaller than expected commercial opportunity, the analysts led by Tiago Fauth noted: "Given the cash position ($219M), catalyst path, and uncertainty, we expect BCAB shares to remain range-bound near-term.” The price target lowered to $5 from $35 per share implies a premium of ~23% to the last close. BioAtla
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BioAtla cut to Neutral at Credit Suisse after disappointing data for lead asset