BTIG analyst Thomas Shrader lowered the firm’s price target on BioAtla to $13 from $68 and keeps a Buy rating on the shares. The firm thinks it is too early to abandon the story based on a surprising cohort, and that the BA3011 + CPI combination arm is the only negative readout to date with an ORR of 12.5% with one CR in eight patients, far below the 44% seen in the monotherapy arm in CPI-failed NSCLC, the analyst tells investors in a research note. While the data is "very strange," rogue cohorts are possible in salvage patients, the firm says.
Published first on TheFly
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