The one ear­ly biotech bright spot at #AACR22 just turned red

Any­one look­ing for fresh ev­i­dence of just how tough this mar­ket has turned need look on­ly to Bi­cy­cle Ther­a­peu­tics this morn­ing.

On Fri­day, the com­pa­ny man­aged to spark a ral­ly $BCYC with an en­cour­ag­ing ear­ly snap­shot of its lead drug. Mon­day morn­ing, though, the ral­ly was tram­pled by a ner­vous stam­pede as some thor­ough­ly spooked in­vestors got a look at its Phase I up­date, with more pa­tients in the mix. The stock plunged more than 30% ahead of the bell.

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