Bicycle Therapeutics (NASDAQ:BCYC) Trading 3.5% Higher – Here’s What Happened

Bicycle Therapeutics plc (NASDAQ:BCYC)’s share price was up 3.5% during mid-day trading on Wednesday . The stock traded as high as $24.45 and last traded at $24.35. Approximately 54,924 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 340,458 shares. The stock had previously closed at $23.53.

Analysts Set New Price Targets

BCYC has been the topic of a number of recent research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Bicycle Therapeutics in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bicycle Therapeutics in a report on Monday, September 9th. B. Riley downgraded Bicycle Therapeutics from a “buy” rating to a “neutral” rating and cut their target price for the company from $33.00 to $28.00 in a research report on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $32.00 price target on shares of Bicycle Therapeutics in a research report on Monday, September 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 price objective on shares of Bicycle Therapeutics in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Bicycle Therapeutics has an average rating of “Moderate Buy” and an average target price of $44.56.

Bicycle Therapeutics Trading Up 5.2 %

The company has a current ratio of 14.77, a quick ratio of 14.77 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $23.34 and a 200-day simple moving average of $22.87. The company has a market capitalization of $1.06 billion, a PE ratio of -5.62 and a beta of 0.89.

Bicycle Therapeutics (NASDAQ:BCYC) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.10) by $0.33. The firm had revenue of $9.36 million for the quarter, compared to the consensus estimate of $6.13 million. Bicycle Therapeutics had a negative return on equity of 32.80% and a negative net margin of 417.88%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. Analysts predict that Bicycle Therapeutics plc will post -3.17 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Kevin Lee sold 3,212 shares of Bicycle Therapeutics stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $22.26, for a total transaction of $71,499.12. Following the sale, the chief executive officer now directly owns 380,864 shares in the company, valued at $8,478,032.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 4,584 shares of company stock worth $102,040 in the last quarter. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP lifted its holdings in shares of Bicycle Therapeutics by 176.1% in the 1st quarter. Baker BROS. Advisors LP now owns 4,942,823 shares of the company’s stock valued at $123,076,000 after buying an additional 3,152,433 shares during the period. Avoro Capital Advisors LLC purchased a new stake in shares of Bicycle Therapeutics during the 2nd quarter worth $14,168,000. Perceptive Advisors LLC acquired a new position in shares of Bicycle Therapeutics during the 2nd quarter worth $11,577,000. Armistice Capital LLC lifted its stake in shares of Bicycle Therapeutics by 17.9% in the second quarter. Armistice Capital LLC now owns 1,972,000 shares of the company’s stock valued at $39,913,000 after purchasing an additional 300,000 shares during the period. Finally, First Light Asset Management LLC grew its position in Bicycle Therapeutics by 16.1% during the second quarter. First Light Asset Management LLC now owns 1,384,768 shares of the company’s stock worth $28,028,000 after buying an additional 191,717 shares during the period. Institutional investors and hedge funds own 86.15% of the company’s stock.

About Bicycle Therapeutics

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.