BioAtla's BCAB Downgraded to Market Perform by JMP Securities

BioAtla (BCAB) has been downgraded to Market Perform by JMP Securities, citing a shift in its outlook on the company's stock performance. The analyst, Reni J. Benjamin, previously had a Market Outperform rating. The stock is listed on NASDAQ and is a clinical-stage biopharmaceutical company focused on developing antibody-based therapeutics for solid tumor cancer. The average target price for BCAB is $5.50, with a high estimate of $10.00 and a low estimate of $1.00.

July 2, 2025 - JMP Securities has downgraded BioAtla Inc. (NASDAQ: BCAB) from Market Outperform to Market Perform, citing concerns over the company's cash position and an uncertain partnership outlook [1]. The analyst, Reni J. Benjamin, previously held a more optimistic view of the stock's performance.

BioAtla, a clinical-stage biopharmaceutical company, specializes in developing antibody-based therapeutics for solid tumor cancer. The company's stock, currently trading at $0.37, has seen a significant decline, falling over 73% in the past year. The downgrade is based on a cash per share valuation of $0.31 and a platform value of $0.07, equating to a fair value of $0.38 per share, according to the research note. Other analysts maintain more optimistic targets ranging from $1 to $14, but InvestingPro’s Fair Value analysis suggests the stock is currently fairly valued [1].

BioAtla reported its second-quarter 2025 financial results, showing higher-than-estimated R&D spending and a cash position of $18.2 million, which is viewed as insufficient to sustain operations without a meaningful partnership. The company is expected to present updated data for its BA3182 (CAB EpCAMxCD3 TCE) asset at the ESMO conference scheduled for October 17-21, 2025 [1].

Citizens JMP indicated it would remain on the sidelines until seeing interesting data from the TCE asset or until a potential partner provides non-dilutive capital to the company. In other recent news, BioAtla announced its second-quarter 2025 earnings, which did not meet analysts’ expectations for earnings per share. The company reported a larger-than-anticipated loss and noted a significant reduction in its research and development expenses [2].

Despite these financial results, the company’s stock remained stable in premarket trading, indicating investor caution. These developments come as BioAtla continues to navigate its strategic updates. Investors are closely monitoring these changes to assess the company’s financial trajectory. The earnings miss and reduced expenses are crucial factors for stakeholders to consider in evaluating BioAtla’s performance.

References:
[1] https://www.investing.com/news/analyst-ratings/bioatla-stock-downgraded-by-citizens-jmp-on-cash-concerns-93CH-4187177
[2] https://www.stocktitan.net/news/BCAB/