Bicycle Therapeutics price target lowered to $26 from $32 at JMP Securities

JMP Securities analyst Reni Benjamin lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $26 from $32 and keeps an Outperform rating on the shares. The firm is pushing back its estimated launch of zelenectide pevedotin to 1Q28 from 1Q27 given the current enrollment pace, the analyst tells investors in a research note. JMP continues to believe Bicycle shares represent a unique investment opportunity, especially after the recent selloff, with the zele pivotal trial enrolling, two additional assets advancing through the clinic, multiple partnerships providing non-dilutive capital and external pipeline validation, and a strong cash position of $890.9M.