Bicycle Therapeutics price target lowered to $8 from $12 at Citizens

Citizens analyst Reni Benjamin lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $8 from $12 and keeps an Outperform rating on the shares. Bicycle reported Q4 earnings alongside a strategic reprioritization toward its EphA2-targeting BDC nuzefatide pevedotin and early-stage radioconjugate and imaging programs, discontinuing zelenectide while exploring potential regulatory paths forward, the analyst tells investors in a research note. With $628M in cash and a -$274M enterprise value, downside appears limited, the firm says.