Bolt Biotherapeutics downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Bolt Biotherapeutics to Market Perform from Outperform with a price target of $1, down from $3, following discontinuation of the company’s lead program, BDC-1001, and accompanying strategic and management changes. Though Bolt has an ongoing clinical program, BDC-3042, and a next-generation immune stimulating antibody conjugate candidate targeting Claudin 18.2 nearing the clinic, both programs are at the high end of risk, given novelty and early nature of development, the analyst tells investors in a research note. The firm believes investors should wait for early de-risking clinical data to better judge the potential of both programs.