On October 31, 2025, RBC Capital Markets analyst Leonid Timashev downgraded Bicycle to Sector Perform from Outperform, citing delays in development of zelenectide pevedotin, which is in phase 2/3 development for metastatic urothelial cancer, due to pushing dose selection to the first quarter of 2026. Timashev noted that the urothelial cancer treatment space is growing more competitive, and asserted that any further delays from Bicycle will only help sales of a competing Pfizer product.
Following this news, Bicycle's American Depositary Receipt ("ADR") price fell over 7% on the same day.
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