Bicycle Therapeutics price target lowered to $46 from $70 at JMP Securities

JMP Securities analyst Reni Benjamin lowered the firm’s price target on Bicycle Therapeutics to $46 from $70 but keeps an Outperform rating on the shares. With four products in the clinic advancing through dose-ranging studies or already in phase 2, having multiple partnerships with the potential to provide non-dilutive capital, and given its strong cash position of $361.5M, the stock represent a unique opportunity, especially given the recent weakness across the biotech sector, the analyst tells investors in a research note. Benjamin adds however that he is updating his model to reflect discounted earnings per share and revenue multiple assumptions.