SGEN - Bicycle Therapeutics: A Buy Ahead Of AACR Presentation

• Shares of Bicycle Therapeutics have risen by 68% over the past 12 months and 252% over the past 3 years.
• I provide a recap of the bullish thesis and my prior notes on this differentiated platform technology play.
• Bicycle Toxin Conjugates (BTCs) appear to have several advantages over the lucrative ADC field, and this is playing out in comparisons of BT8009 to Seagen's Padcev in Nectin-4.
• If higher dose data for BT8009 shows continued differentiation in both terms of efficacy and tolerability, I expect outsized appreciation due to platform readthrough.
• BCYC is a Buy. Key risks include competition from more mature companies with greater resources, disappointing data for BT8009 and setbacks in the clinic.

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