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Tuesday, Bicycle Therapeutics (NASDAQ:BCYC) maintained its Buy rating and $33.00 price target from Rodman & Renshaw. The firm’s analyst, Tony Butler, provided insights following the company’s fourth quarter and full-year 2024 business updates, which were announced before market opening. The updates highlighted Bicycle Therapeutics’ progress in its clinical pipeline, focusing on treatments for solid tumors.
Bicycle Therapeutics is currently advancing its lead program, zelenectide pevedotin, also known as Zele, in a global Phase 2/3 registrational study named Duravelo-2. This study is evaluating Zele, in combination with pembrolizumab, for the treatment of metastatic urothelial cancer (mUC) in the frontline setting. Additionally, the same combination, as well as Zele monotherapy, is under evaluation in late-line mUC within the same trial. The company plans to finalize the dosing regimen for Zele between two options in the second half of 2025.
Looking ahead, Bicycle Therapeutics is preparing to initiate several Phase 1/2 trials of Zele targeting NECTIN-4 gene-amplified solid tumors in 2025. The company also anticipates releasing human imaging data from two of its Bicycle-radio conjugate (BRC) programs, targeting MT1-MMP and EphA2, in mid- and late-2025, respectively, with the first BRC program expected to enter clinical trials in 2026.
In addition to these developments, Bicycle Therapeutics is conducting clinical trials for two other programs: BTC against Eph2A (BT5528) and an immune agonist targeting Nectin-4 (BT7480). Updates from the BT5528 program are scheduled to be provided in the fourth quarter of 2025. The company concluded the quarter with approximately $880 million in cash, which it believes will be sufficient to fund operations into the second half of 2027. InvestingPro analysis indicates that while the company is quickly burning through cash, it maintains a healthy current ratio of 17.13 and holds more cash than debt on its balance sheet. For deeper insights into Bicycle Therapeutics’ financial health and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro along with 8 additional key ProTips.
In other recent news, Bicycle Therapeutics has reported promising results from its Phase 1 trial of zelenectide pevedotin for metastatic urothelial cancer (mUC), showing a 65% overall response rate and a 50% confirmed response rate among patients. The company is also planning to expand trials for zelenectide pevedotin across various cancers, including breast and lung cancers, in 2025. Despite these developments, analysts have expressed mixed reactions. B.Riley significantly reduced its price target for Bicycle Therapeutics from $28.00 to $17.00, maintaining a Neutral rating due to clinical data that did not meet expectations compared to existing treatments. Meanwhile, H.C. Wainwright lowered its price target from $55.00 to $33.00 but maintained a Buy rating, citing the drug’s favorable safety profile and increased expected market penetration. Morgan Stanley (NYSE:MS) kept its Equalweight rating with a $30.00 price target, acknowledging challenges but seeing potential in the company’s patient selection strategy for its oncology pipeline. These recent developments highlight the company’s ongoing efforts and the varied perspectives from analysts on its future prospects.
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