RBC starts Bicycle Therapeutics at Outperform on ‘novel and unique platform’

As previously reported, RBC Capital initiated coverage of Bicycle Therapeutics with an Outperform rating and $35 price target. The firm is positive on the company’s platform for its novel class of therapeutic target binders and unique in vivo biology in oncology and beyond, the analyst tells investors in a research note. In addition to Bicycle’s pipeline assets which include zelenectide pevedotin, a potential high-opportunity Nectin-4 drug conjugate in metastatic urothelial cancer, RBC also sees first-in-class potential for other clinical-stage oncology candidates and continued value-creation opportunities from the platform’s plug-and-play capability to expand internal programs, the firm added.