RBC Capital analyst Leonid Timashev last night downgraded Bicycle Therapeutics (BCYC) to Sector Perform from Outperform with a price target of $11, down from $27, following the Q3 report. The company’s pipeline programs are taking more time to reach inflection points, the analyst tells investors in a research note. RBC thinks Bicycle’s near-term updates may not provide substantial enough data to de-risk its programs and drive share upside. As such, the firm moves to the sidelines pending greater visibility into the path forward for zelenectide and BT5528.
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