Bicycle Therapeutics price target lowered to $42 from $53 at Jefferies

Jefferies lowered the firm’s price target on Bicycle Therapeutics (BCYC) to $42 from $53 and keeps a Buy rating on the shares. For the FY24 updates, the company highlighted Zele+pembo Phase 1 data in 1L ulcerative colitis and Phase 2/3 Duravelo-2 dose selection data remains on track for the second half of the year, the analyst tells investors in a research note. The firm added that its new base case price target is discounted cash flow-based, adding that it assumes market entry for BT5528 in 2029 for the treatment of bladder cancer and ovarian cancer.