Bicycle Therapeutics (BCYC) PT Lowered to $10 at Citizens JMP

Citizens JMP analyst Reni Benjamin lowered the price target on Bicycle Therapeutics (NASDAQ: BCYC) to $10.00 (from $22.00) while maintaining a Market Outperform rating.

The analyst commented, "We reiterate our Market Outperform rating for Bicycle Therapeutics though lower our price target to $10 (previously $22) based on a discounted EPS and revenue multiple analysis. Recently, Bicycle reported 2Q25 financial results and updated corporate milestones. In our opinion, the main value-driving event for this year is the selection of the optimal go-forward dose of zelenectide pevedotin (zele) in the pivotal Duravelo-2 trial. With the zele pivotal trial enrolling, multiple partnerships secured, and a strong cash position of $721.5MM, we believe Bicycle shares may still provide upside from current levels (enterprise value = -$340M) with ~61% potential downside (bear case $3) and ~83% potential upside (bull case $14)."

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