Bicycle Therapeutics price target lowered to $44 from $48 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $44 from $48 and keeps an Outperform rating on the shares. The firm notes the company reported Q2 financial results with $2.9M collaboration revenue, $71.0M R&D and $18.5M G&A expenses, and $721.5M cash. A notable update was the announcement of cost-reduction initiatives aimed at lowering operating costs by 30%, mostly through a 25% workforce reduction, which will further extend the financial runway into 2028. Oppenheimer views the cost-reduction initiative as a prudent measure to sharpen focus on near-term priorities, particularly the upcoming zelenectide pevedotin Phase 2/3 Duravelo-2 dose selection updates in Q4.