BioAtla surges on additional data from lung cancer study

Bioatla

04/11/2022 12:04

** Shares of drug developer BioAtla Inc  BCAB.O  up 53.62%
premarket at $9.77
    ** Co late on Thursday reported data from a mid-stage study
of lead drug candidate, BA3011, for lung cancer
    ** Co says the drug shows anti-tumor activity in 24 patients
in ongoing mid-stage study
    ** BCAB says it has received feedback from the U.S. Food and
Drug Administration on the design for a second part of the
study; anticipates discussion in H1 2023
    ** Co says partial response to treatment was observed in 4 
out of 8 patients when only one therapy was used, while 1
patient out of 4 showed complete response to the treatment when
combination therapy was used
    ** At least two brokerages raise price target on the stock
following data
    ** Credit Suisse raises PT to $8 from $4, citing drug
maintaining clinical profile is 'incrementally positive'
    ** Jefferies raises PT to $22 from $21, as brokerage sees
significant upside to stock based on the market that the drug
aims to address
    ** Jefferies assumes U.S. market entry for BA3011 in 2025,
estimates peak sales of about $96.5 million by 2034
    ** Up to Thursday's close, stock had fallen ~68% YTD
compared with a ~14% decline in the Nasdaq Biotechnology index
 .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))