BCYC - B. Riley downgrades Bicycle Therapeutics on uncertain path for BT8009

B. Riley analyst Kalpit Patel downgraded Bicycle Therapeutics (BCYC -4.3%) to Neutral from Buy with a price target of $33, down from $62, after speaking to a physician-scientist focused on treating patients with genitourinary malignancies. The doctor was unsure of BT8009's regulatory path and does not envision a clear route for accelerated approval, unless BT8009 demonstrates meaningful activity in other indications, Patel tells investors in a research note. After digesting Bicycle's data and input from the key opinion leader, Patel is cautious about the platform's previously touted safety advantages, and therefore does not foresee bicycle toxin conjugates displacing conventional entities like antibody-drug conjugates. Since the start of 2022, Bicycle Therapeutics shares fell by 60% but over a period of one year shares were down around 19.1%. Wall Street analysts stand with a Buy rating on the stock, Seeking Alpha Quant System also says to Hold and Seeking Alpha Author's Rating says a Strong Buy.

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B. Riley downgrades Bicycle Therapeutics on uncertain path for BT8009