BioAtla rises on positive updates on lead cancer therapy

Bioatla

08/11/2023 14:03

** BioAtla's shares  BCAB.O  rise 7.4% to $1.9 in choppy
premarket trade
    ** Co says observed additional instances of clinical benefit
of its lead therapy mecbotamab vedotin for a type of lung cancer
in a mid-stage study, adding that FDA feedback supports its
further development
    ** BCAB adds does not plan to further develop its second
lung cancer therapy ozuriftamab vedotin after it failed to show
clinical benefit in treatment that meet co's internal criteria
    ** Brokerage H.C. Wainwright cuts PT on BCAB to $10 from $17
as co discontinues second therapy's development
    ** Ozuriftamab vedotin also being tested for types of skin,
and head and neck cancers
    ** Late Tuesday, co posted loss of $0.7/shr, narrower than
Wall Street estimates of $0.8/shr loss - LSEG 
    ** BCAB says had cash balance of $141.3 mln as of Q3-end,
sufficient to fund operations into H2 2025
    ** Up to Tuesday's close, stock down 78.7% YTD vs 7.9%
decline in Nasdaq Biotechnology Index  .NBI 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))