Bicycle Therapeutics (BCYC) PT Lowered to $15 at Needham

Needham analyst Ami Fadia lowered the price target on Bicycle Therapeutics (NASDAQ: BCYC) to $15.00 (from $24.00) while maintaining a Buy rating.

The analyst commented: "Mgt announced the initial data / dose selection (6 mg/m^2 2wk on, 1wk off) for Duravelo-2 which was promising on safety with only 1 discontinuation (details below) and comparable ORR to Padcev. Hwr, the study will be converted to a Ph 2 as mgt gathers more data and finalizes its Ph 3 design, which delays the program. In conjunction, mgt announced a strategic reorg to reduce OPEX ~50% and shift in strategic focus to BT5528, a BDC and its conjugate pipeline incl BRCs. Radiopharma-based therapies remain a promising class with recent acquisitions of preclinical assets in the $1.4-1.75B range, and with Bicycle's validated platform, we see BCYC undervalued at current levels and believe investors need to be patient as this pipeline develops. We update our model for the qtr, zelenectide delay, and additional updates which lowered our PT to $15."

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