Bicycle Therapeutics price target lowered to $36 from $44 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $36 from $44 and keeps an Outperform rating on the shares. Along with reporting its Q4 financials, Bicycle provided an update on zelenectide-pevedotin as the company decided to deprioritize the program, despite emerging data from Duravelo-2 looking interesting. With the shift in strategic focus, Bicycle will relocate its resources to focus on BT5528 and next-generation programs, including its Bicycle Radio-conjugates portfolio.