Bicycle Therapeutics price target lowered to $12 from $13 at Jefferies

Jefferies analyst Maury Raycroft lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $12 from $13 and keeps a Buy rating on the shares. Bicycle’s update was broadly incremental versus the prior quarter, with continued emphasis on its EphA2 asset showing encouraging safety and durability signals and advancing into later-stage pancreatic cancer studies, while its radiopharmaceutical strategy remains centered on an imaging-first de-risking approach and earlier-stage programs such as Nectin4 continue to represent longer-dated optionality, the analyst tells investors in a research note.