Boundless Bio downgraded to Neutral at Guggenheim after BBI-825 scrapped

As previously reported, Guggenheim analyst Michael Schmidt downgraded Boundless Bio (BOLD) to Neutral from Buy and removed the firm’s price target after the company announced that it will not advance BBI-825, its oral RNR inhibitor, which had been evaluated in a Phase 1/2 clinical study in patients with solid tumors. While the company continues to advance its second clinical pipeline program BBI-355 in a Phase 1/2 clinical study for patients with oncogene-amplified solid tumors, the firm notes that trial enrollment had progressed slower than originally anticipated and believes investors have a “show-me” mentality and will only assign value when positive proof of concept data in a meaningful number of patients have been generated.