Bicycle Therapeutics (NASDAQ:BCYC) Stock Price Up 9.8% on Earnings Beat

Bicycle Therapeutics PLC Sponsored ADR (NASDAQ:BCYC) shares rose 9.8% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $8.73 and last traded at $8.98. Approximately 137,003 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 309,305 shares. The stock had previously closed at $8.18.

The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.19). Bicycle Therapeutics had a negative net margin of 1,257.00% and a negative return on equity of 32.43%. The firm had revenue of $2.90 million during the quarter, compared to the consensus estimate of $9.43 million.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BCYC. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bicycle Therapeutics in a research note on Tuesday, October 14th. Morgan Stanley cut their target price on Bicycle Therapeutics from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 12th. JMP Securities cut their target price on Bicycle Therapeutics from $22.00 to $10.00 and set a “market outperform” rating on the stock in a research note on Tuesday, August 12th. Oppenheimer reiterated an “outperform” rating and issued a $44.00 target price (down previously from $48.00) on shares of Bicycle Therapeutics in a research note on Monday, August 11th. Finally, Royal Bank Of Canada set a $27.00 target price on Bicycle Therapeutics and gave the company an “outperform” rating in a research note on Monday, August 11th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Bicycle Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $22.22.

Insider Buying and Selling at Bicycle Therapeutics

In other news, CEO Kevin Lee sold 3,231 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $8.41, for a total transaction of $27,172.71. Following the sale, the chief executive officer owned 475,310 shares in the company, valued at approximately $3,997,357.10. The trade was a 0.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 8,527 shares of company stock worth $71,738 in the last 90 days. 22.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bicycle Therapeutics

A number of large investors have recently modified their holdings of the business. Ausdal Financial Partners Inc. purchased a new stake in Bicycle Therapeutics in the second quarter valued at approximately $70,000. Sei Investments Co. purchased a new stake in Bicycle Therapeutics in the second quarter valued at approximately $74,000. Virtus Investment Advisers LLC boosted its position in Bicycle Therapeutics by 32.6% in the second quarter. Virtus Investment Advisers LLC now owns 10,821 shares of the company’s stock valued at $75,000 after buying an additional 2,659 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in Bicycle Therapeutics in the second quarter valued at approximately $86,000. Finally, Cerity Partners LLC purchased a new stake in Bicycle Therapeutics in the first quarter valued at approximately $113,000. Hedge funds and other institutional investors own 86.15% of the company’s stock.

Bicycle Therapeutics Stock Up 7.1%

The stock has a 50-day moving average of $7.64 and a 200 day moving average of $7.87. The stock has a market cap of $607.16 million, a PE ratio of -2.50 and a beta of 1.47.

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.