Bicycle Therapeutics shares fall 23% after the company shares interim Phase 1 data

Shares of Bicycle Therapeutics Inc. BCYC, +24.54% tumbled 23.4% in premarket trading on Monday after the company shared interim data from a Phase 1 clinical trial for its urothelial-cancer treatment. Bicycle said its experimental therapy, BT8009, had a 50% overall response rate, and one of the eight patients enrolled in the study who received the smallest dose of the therapy reported a complete response. The findings were presented at the American Association for Cancer Research’s annual meeting. Bicycle’s stock has declined 22.8% so far this year, while the broader S&P 500 SPX, -0.27% is down 5.8%.