B. Riley upgraded Bicycle Therapeutics to Buy from Neutral and put the firm’s price target under review after the company announced that it has reached alignment with the FDA regarding the design of a Phase II/III registrational trial for BT8009 and potential accelerated approval in first-line and second-line metastatic bladder cancer, or mUC. While the firm “had previously been skeptical regarding a path to market that avoided a head-to-head study against Padcev,” Bicycle has not only found an accelerated pathway but will directly target the largest potential opportunity, the frontline market, from the start, the analyst tells investors.
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