Bicycle Therapeutics price target lowered to $17 from $28 at B. Riley

B. Riley lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $17 from $28 and keeps a Neutral rating on the shares. The stock dropped 35% intraday and now trading near cash after the clinical data presented for zelenectide pevedotin “were underwhelming,” the analyst tells investors in a research note. The firm says the most pressing concern is that Bicycle’s combination in first-line metastatic urothelial cancer appears to be inferior on a top-line basis to the well-established benchmark set by Padcev plus pembro. Riley views Bicycle’s current programs as net present value-negative and sees limited upside potential unless management demonstrates a shift in strategic direction with newer targets.