Guggenheim downgrades Bolt Biotherapeutics on lead candidate discontinuation

Guggenheim analyst Michael Schmidt last night downgraded Bolt Biotherapeutics to Neutral from Buy without a price target following the company’s decision to discontinue development of its lead product candidate, BDC-1001. While Bolt has two additional product candidates, BDC-3042 and BDC-4182 in development, visibility on their probability of success is low, the analyst tells investors in a research note.