Bicycle Therapeutics price target lowered to $8 from $10 at Truist

Truist analyst Gregory Renza lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $8 from $10 and keeps a Hold rating on the shares. Bicycle Therapeutics announced a “no-go” decision for zelenectide pevedotin in metastatic urothelial cancer due to the absence of an accelerated approval pathway, reflecting a pragmatic shift amid a competitive mUC landscape, the analyst tells investors in a research note. The company is now prioritizing earlier-stage assets, led by nuzefa in PDAC and emerging radiopharma programs, with the stock trading at a negative EV but the current risk-reward viewed as balanced pending clearer clinical visibility, the firm says.