BCYC - Bicycle Therapeutics down 33% after rising sharply on Friday on bladder cancer data

After announcing on Friday what it deemed promising results for bladder cancer candidate BT8009, leading to a rise in stock price, shares of Bicycle Therapeutics (NASDAQ:BCYC) are down 33% in premarket trading. Shares closed up ~24% on Friday. On that day, the company released an abstract of a phase 1/2 study of the candidate to be presented Sunday at the American Academy of Cancer Research Annual Conference. Out of 34 patients, there were preliminary confirmed responses among patients with urothelial carcinoma who received BT8009 at 5.0mg/m2.Half of the patients indicated (4/8) a complete response (CR) or partial response (PR), including 1/8 patients with a CR and 3/8 patients with a PR. Results also showed that median duration of response was not yet reached in the 2.5mg/m2 and 5mg/m2 weekly cohorts. In addition, four of five responders in these cohorts were still receiving therapy after at least 24 weeks. Read why Seeking Alpha contributor Jonathan Faison calls

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Bicycle Therapeutics down 33% after rising sharply on Friday on bladder cancer data