B. Riley downgraded Bicycle Therapeutics to Neutral from Buy with a price target of $28, down from $33, following the Q2 report. The firm downgraded the shares ahead of the company’s ESMO updates next month, as it does not anticipate significant share price movement based on the announced poster presentations. The firm cites potential clinical trial execution risks, competitive pressures from other nectin-4 targeting agents, and a lack of enthusiasm for Bicycles pipeline candidates beyond zelenectide pevedotin for the downgrade.
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