Morgan Stanley Updates Bicycle Therapeutics plc (BCYC) Outlook Amid Pipeline Refocus

We recently compiled a list of the 10 Best Biotech Stocks Under $10 to Buy. Bicycle Therapeutics plc is one of the best biotech stocks on this list.

TheFly reported on April 8 that Morgan Stanley reduced its price target on BCYC to $12 from $13 while maintaining an Equal Weight rating. The firm updated its valuation model following the company’s decision to refocus its pipeline strategy toward BT5528 and next-generation Bicycle conjugate programs. The revision also incorporates recent organizational changes, including a workforce reduction of approximately 30%.

Separately, earlier on March 17, Bicycle Therapeutics plc (NASDAQ:BCYC) also released its fourth-quarter and full-year 2025 results along with a broader corporate update. The company reported cash and cash equivalents of $628.1 million as of December 31, 2025, down from $879.5 million a year earlier, mainly due to operational cash usage. Collaboration revenue rose to $48.0 million for Q4 and $72.6 million for the full year, compared with $3.7 million and $35.3 million in the prior-year periods, driven by revenue recognition from terminated partnership agreements.

Morgan Stanley Updates Bicycle Therapeutics plc (BCYC) Outlook Amid Pipeline Refocus

The corporation’s R&D expenses increased to $240.3 million for the year, reflecting higher clinical program activity, personnel costs, and restructuring-related charges, while G&A expenses rose to $79.4 million due to higher compensation and share-based payments. Net loss widened to $219.0 million for 2025 compared with $169.0 million in 2024. Alongside results, the company highlighted pipeline progress, strategic reprioritization, and ongoing clinical and preclinical development across its oncology programs.

Bicycle Therapeutics plc (NASDAQ:BCYC) is a clinical-stage biopharmaceutical company developing novel therapies using its proprietary bicyclic peptide technology. It focuses on targeted treatments for cancer and other serious diseases by designing precision medicines that bind selectively to disease-related proteins.

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