UPDATE: BTIG Starts BioAtla Inc. (BCAB) at Buy

BTIG analyst Tom Shrader initiates coverage on BioAtla Inc. (NASDAQ: BCAB) with a Buy rating and a price target of $47.00.

The analyst comments "BioAtla is developing conditionally active biologicals (CABs) that combine the exquisite recognition of antibodies and protein receptors with a pH-driven affinity switch. The CAB platform makes use of the acidic environment around tumors that results from the ravenous metabolism of these rapidly growing (and immune evading) cells. This “second opinion based on pH” allows therapeutic biologicals to preferentially target antigens on tumors rather than healthy (normal pH) tissues. This platform has the potential to revolutionize solid tumor oncology where “perfect targets” – akin to CD19 found only on B-Cells – simply don’t exist. For example, the CAB engine should allow good targets (highly expressed on tumors – the driver of efficacy of mAbs) to be exploited even if they are imperfect targets (also on normal tissue – the driver of toxicity). Two lead ADC programs have shown clear efficacy in difficult to treat tumors with multiple PRs being seen for both BA3011 (targeting AXL) and BA3021 (targeting ROR2). In addition, efficacy of both ADCs seems correlated with target expression levels providing biomarker guidance going forward. Safety profiles – a CAB focus – have also been positive with the company rapidly establishing a P2 dose and no patients discontinuing the drug for tolerability reasons."

For an analyst ratings summary and ratings history on BioAtla Inc. click here. For more ratings news on BioAtla Inc. click here.

Shares of BioAtla Inc. closed at $38.25 yesterday.

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