JMP Securities lowered the firm’s price target on Bicycle Therapeutics to $44 from $46 and keeps an Outperform rating on the shares. Bicycle’s Q2 collaboration results were $11.4M, above estimates, and the next chapter for BT8009 is approaching, the analyst tells investors in a research note. With three company sponsored products advancing through dose-ranging studies or already in Phase 2, market-moving data points over the next six months, multiple partnerships with the potential to provide non-dilutive capital, and a strong cash position of $600M, Bicycle shares represent a unique opportunity with ~44% potential downside, the firm contends.
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