Bicycle Therapeutics initiated with a Hold at Truist

Truist initiated coverage of Bicycle Therapeutics (BCYC) with a Hold rating and $10 price target The time to market and ultimate market potential remains uncertain for Zele, pending further visibility from the Phase 2/3 Duravelo-2 trial, particularly as Padcev continues to entrench as a widely adopted standard of care, the analyst tells investors in a research note. Truist adds that it sees broader value from Bicycle’s pipeline, including BT5528, and the radiopharma franchise, though these programs remain early in development and are unlikely to yield meaningful near-term contribution.