Bolt Biotherapeutics, Inc. (BOLT) PT Lowered to $1.25 at Stifel

Stifel analyst Stephen D. Willey lowered the price target on Bolt Biotherapeutics, Inc. (NASDAQ: BOLT) to $1.25 (from $1.50) while maintaining a Hold rating.

The analyst commented. “Management’s completion of patient enrollment into the P1 single-agent BDC-3042 dose-escalation trial now sets the stage for a 2Q25 medical conference presentation. And while we view the absence of any dose-limiting toxicities and “evidence of biological activity” as encouraging developments, we note management commentary would suggest any additional development activity for this asset – including combination dose-escalation (+PD- (L)1 mAb) and any single-agent/combination dose-expansion in select tumor types – will now be dependent on consummating a strategic partnership. The 2Q25 initiation of the P1 single-agent dose-escalation trial evaluating BDC-4182 in GEA patients will leverage the combination of a next-generation/higher-potency ISAC payload with a well-characterized/clinically-validated antigen (CLDN18.2). We continue to believe the competitive intensity of the CLDN18.2 drug development landscape establishes a high safety/efficacy hurdle here and the likely proximity of these P1 data to (unchanged) cash runway guidance (mid-FY26) would seemingly leave little margin for error on the partnering/development fronts. We remain Hold-rated.”

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