Bicycle Therapeutics (NASDAQ:BCYC) Shares Gap Down Following Analyst Downgrade

Bicycle Therapeutics plc (NASDAQ:BCYC) gapped down prior to trading on Friday after B. Riley lowered their price target on the stock from $28.00 to $17.00. The stock had previously closed at $20.11, but opened at $17.29. B. Riley currently has a neutral rating on the stock. Bicycle Therapeutics shares last traded at $15.28, with a volume of 295,114 shares trading hands.

Other analysts also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price target on shares of Bicycle Therapeutics in a report on Thursday, October 31st. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of Bicycle Therapeutics in a report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target on shares of Bicycle Therapeutics in a report on Friday, November 1st. Stephens initiated coverage on Bicycle Therapeutics in a research report on Friday, November 8th. They issued an “equal weight” rating and a $25.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Bicycle Therapeutics in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Bicycle Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.75.

Insider Activity

In related news, CEO Kevin Lee sold 3,212 shares of Bicycle Therapeutics stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $22.26, for a total value of $71,499.12. Following the transaction, the chief executive officer now owns 380,864 shares in the company, valued at approximately $8,478,032.64. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Travis Alvin Thompson sold 6,256 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $25.11, for a total value of $157,088.16. Following the sale, the chief accounting officer now directly owns 19,241 shares of the company’s stock, valued at approximately $483,141.51. This trade represents a 24.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,840 shares of company stock valued at $259,128 in the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BCYC. Geode Capital Management LLC boosted its position in Bicycle Therapeutics by 79.3% during the 3rd quarter. Geode Capital Management LLC now owns 38,335 shares of the company’s stock worth $868,000 after purchasing an additional 16,958 shares during the period. Jane Street Group LLC boosted its position in shares of Bicycle Therapeutics by 35.7% in the third quarter. Jane Street Group LLC now owns 20,180 shares of the company’s stock worth $457,000 after buying an additional 5,310 shares during the period. State Street Corp grew its stake in shares of Bicycle Therapeutics by 233.5% in the third quarter. State Street Corp now owns 86,271 shares of the company’s stock valued at $1,952,000 after buying an additional 60,399 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Bicycle Therapeutics by 1,438.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 899,799 shares of the company’s stock valued at $20,362,000 after buying an additional 841,299 shares during the period. Finally, HighVista Strategies LLC raised its holdings in shares of Bicycle Therapeutics by 9.7% during the 3rd quarter. HighVista Strategies LLC now owns 139,544 shares of the company’s stock valued at $3,158,000 after buying an additional 12,289 shares during the period. Hedge funds and other institutional investors own 86.15% of the company’s stock.

Bicycle Therapeutics Trading Down 31.3 %

The firm has a 50-day moving average of $22.78 and a 200 day moving average of $22.75. The stock has a market capitalization of $953.58 million, a price-to-earnings ratio of -4.20 and a beta of 0.86.

Bicycle Therapeutics (NASDAQ:BCYC) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.74) EPS for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.04. The firm had revenue of $2.68 million for the quarter, compared to analyst estimates of $6.82 million. Bicycle Therapeutics had a negative net margin of 450.64% and a negative return on equity of 27.35%. The firm’s revenue was down 50.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.26) EPS. As a group, research analysts forecast that Bicycle Therapeutics plc will post -3.05 EPS for the current year.

Bicycle Therapeutics Company Profile

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics in the United States and the United Kingdom. Its product pipeline comprising BT8009, a bicycle toxin conjugate (BTC) which is in phase I/II/III clinical trial for the treatment of high nectin-4 expressing tumors; BT5528, a BTC which is in phase I/II clinical trial for the treatment of Ephrin type A receptor 2 expressing tumor; BT7480, a Bicycle TICA molecule which is in phase I/II targeting Nectin-4 and agonizing CD137; and BT7455, a Bicycle TICA molecule targeting Ephrin type A receptor 2 and CD137 and is in preclinical trial.