Bicycle Therapeutics slumps after cancer therapy data update

Bicycle Therapeutics

11/04/2022 12:55

** Drug developer's shares  BCYC.O  drop nearly 26% to $35
premarket- top pct loser across U.S. exchanges; set to open at
their lowest in more than seven months
    ** BCYC reports interim data from an early-stage study of
its drug candidate, BT8009, which targets a protein involved in
tumour development  urn:newsml:reuters.com:*:nBw4lCwWFa
    ** Says 50% of eight evaluable urothelial cancer patients
showed tumour reduction at the mid-level dose; co presented the
data at the American Association for Cancer Research (AACR)
meeting on Sunday
    ** Co in October had announced data from 7 urothelial cancer
patients receiving the mid-level dose, showing 43% of them
experienced tumour reduction
    ** B. Riley Securities notes that company has provided
efficacy data on one additional patient in the mid-level dose
group, but highlights no new update was provided on data for
patients treated with the lower dose or on new patients treated
with an even higher dose of the therapy
    ** Brokerage finds the therapy's safety profile impressive,
but says stock may take a hit "as investors may have been hoping
for a more comprehensive update"
    ** Stock down 22.8% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))