2. Boundless Bio, Inc. (NASDAQ:BOLD)
Number of Hedge Fund Investors: 22
Boundless Bio, Inc. (NASDAQ:BOLD), a clinical-stage oncology firm, creates cancer therapies to meet the unmet needs of patients with oncogene-amplified tumors by targeting extrachromosomal DNA. BBI-355, an oral checkpoint kinase 1 inhibitor, is the company’s main product candidate. Patients with oncogene-amplified malignancies are participating in a Phase 1/2 clinical trial for this drug. The company is also working on the ecDTx 3 program, which targets a kinesin implicated in the biological mechanism for ecDNA segregation, and BBI-825, an oral inhibitor of ribonucleotide reductase, which is in Phase 1/2 clinical trial in cancer patients with resistant gene amplifications.
The company went public on March 28, 2024. Meanwhile, elite funds are piling into this stock as well, with hedge fund positions increasing from 0 in Q4 2023 to 22 in Q1 2024, giving us a clear hint that investors are bullish on Boundless Bio, Inc. (NASDAQ:BOLD)’s stock. Hence, BOLD is one of the best new penny stocks to buy now.
Boundless Bio, Inc. (NASDAQ:BOLD) is still enrolling patients in the POTENTIATE study for its flagship asset, BBI-355. The initial dosage administered to patients with malignancies exhibiting resistance gene amplifications in the Phase 1/2 STARMAP clinical trial of BBI-825
Zachary Hornby, President and Chief Executive Officer of Boundless Bio, stated in the Q1 2024 earnings:
“It has been an exciting quarter at Boundless Bio. The Phase 1/2 POTENTIATE trial of BBI-355, our potentially best-in-class, oral, selective CHK1 inhibitor, advanced into initial combination therapy modules evaluating BBI-355 together with an EGFR inhibitor or an FGFR inhibitor in patients with tumors harboring EGFR or FGFR oncogene amplifications, respectively. We also dosed the first patient with our second ecDNA-directed therapy (ecDTx), BBI-825, a first-in-class oral, selective RNR inhibitor, which marks the company’s rapid growth and transition into a multi-asset, clinical-stage oncology company” “With the completion of our recent IPO, we have the capital to take the next steps toward delivering on the promise of our ecDTx, a potential new vertical in cancer therapeutics.”
As of March 31, 2024, the sum of cash, cash equivalents, and short-term investments was $104.9 million, a 57.20% increase from the same quarter the previous year. Furthermore, in early April 2024, Boundless Bio concluded its first public offering (IPO), selling 6,250,000 shares of its common stock for a total gross proceeds of $100.0 million. Boundless Bio anticipates that its present financial position, with a pro forma cash position of approximately $200 million, will support operations through significant clinical data milestones and into the second half of 2026.
The global market for solid tumor cancer treatments was valued at $104.88 billion in 2022 and is expected to grow to $532 billion by 2032, according to Precedence Research. This provides a large, addressable market for Boundless Bio’s technologies.
Analyst Andrew Berens of Leerink Partners recommended a buy and set a $25.00 price objective in April. As per 3 analysts, the company has an average price target of $23 and an upside potential of 669.49% from the current stock price of $2.99. Analysts have rated BOLD as a “strong buy.”
