Bicycle Therapeutics price target lowered to $25 from $32 at RBC Capital

RBC Capital lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $25 from $32 and keeps an Outperform rating on the shares. The firm is updating its views on Bicycle based on key opinion leader conversations and its updated model, noting that shares have been under pressure following what investors saw as an equivocal data set in an unforgiving environment, the analyst tells investors in a research note. Despite the caveats around cross-trial comparisons and early data sets, zelenectide may emerge as a differentiated therapeutic on tolerability vs. Padcev for mUC, the firm added.