Bicycle Therapeutics price target lowered to $7 from $11 at RBC Capital

RBC Capital lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $7 from $11 and keeps a Sector Perform rating on the shares. The pivot away from zele toward new clinical programs is a near-term setback as it removes potential for an immediate stock inflection and visibility towards commercialization and product revenues, but with restructuring expected to generate substantial savings, a second act for the company is likely, the analyst tells investors in a research note.