Bicycle Therapeutics price target lowered by $3 at Needham, here’s why

Needham analyst Ami Fadia lowered the firm’s price target on Bicycle Therapeutics to $43 from $46 but keeps a Buy rating on the shares. The stock fell about 9% yesterday following the company’s R&D day because while updated data for lead asset BT8009 in mUC continued to look competitive vs Padcev on safety, the efficacy differentiation narrowed relative to its last update in February, the analyst tells investors in a research note. Longer term, the firm remains positive on Bicycle’s “differentiated technology” based on synthetic bi-cyclic peptide being able to find application in a wide range of oncology and non-oncology areas, Needham added.