SVB Securities downgrades Bolt Therapeutics on setback to cancer drug candidate
11/08/2022 13:25
** Brokerage SVB Securities downgrades Bolt Therapeutics Inc
BOLT.O to "market perform" from "outperform" and cuts PT to $4
from $8
** SVB says it sees a long road to recovery for BOLT after
it discontinued development of its experimental cancer drug
BDC-2034, based on safety concerns urn:newsml:reuters.com:*:nGNX8fYzG7
** Co's drug was an immune-stimulating antibody conjugate
(ISAC) that uses a tumor-targeting antibody to attack markers on
the surface of a tumor cell
** "For us ... the discontinuation is another illustration
that ISAC is a difficult drug platform" - analyst
** Stifel also cuts PT on BOLT to $7 from $13
** 4 of 5 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $7
** As of last closing price, stock was down 48.6% YTD,
compared with a ~11% decline in the Nasdaq biotech index .NBI
(Reporting by Raghav Mahobe)
((Raghav.Mahobe@thomsonreuters.com;))