Royal Bank of Canada Initiates Coverage on Bicycle Therapeutics (NASDAQ:BCYC)

Equities research analysts at Royal Bank of Canada began coverage on shares of Bicycle Therapeutics (NASDAQ:BCYC) in a note issued to investors on Friday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $35.00 price target on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 70.40% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Needham & Company LLC reissued a “buy” rating and set a $38.00 price objective on shares of Bicycle Therapeutics in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Bicycle Therapeutics in a report on Wednesday, August 7th. B. Riley cut shares of Bicycle Therapeutics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $33.00 to $28.00 in a research report on Wednesday, August 7th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $48.00 target price on shares of Bicycle Therapeutics in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Bicycle Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $44.56.

Bicycle Therapeutics Stock Up 0.5 %

Shares of BCYC opened at $20.54 on Friday. Bicycle Therapeutics has a one year low of $12.54 and a one year high of $27.24. The stock has a market capitalization of $878.68 million, a price-to-earnings ratio of -4.62 and a beta of 0.90. The stock has a 50 day moving average price of $22.36 and a 200 day moving average price of $22.94. The company has a debt-to-equity ratio of 0.01, a quick ratio of 14.77 and a current ratio of 14.77.

Bicycle Therapeutics (NASDAQ:BCYC) last announced 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 company had revenue of $9.36 million during the quarter, compared to analysts’ expectations of $6.13 million. Bicycle Therapeutics had a negative net margin of 417.88% and a negative return on equity of 32.80%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. Equities research analysts forecast that Bicycle Therapeutics will post -3.17 earnings per share for the current fiscal year.

Insider Transactions at Bicycle Therapeutics

In related news, CEO Kevin Lee sold 3,194 shares of Bicycle Therapeutics stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $19.64, for a total value of $62,730.16. Following the completion of the sale, the chief executive officer now owns 384,076 shares in the company, valued at approximately $7,543,252.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 4,555 shares of company stock worth $89,460. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. purchased a new stake in shares of Bicycle Therapeutics during the fourth quarter worth approximately $137,000. China Universal Asset Management Co. Ltd. increased its position in shares of Bicycle Therapeutics by 71.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,859 shares of the company’s stock valued at $171,000 after purchasing an additional 2,858 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Bicycle Therapeutics in the 2nd quarter valued at $206,000. PDS Planning Inc purchased a new stake in shares of Bicycle Therapeutics during the 1st quarter worth $210,000. Finally, Natixis Advisors LLC acquired a new position in shares of Bicycle Therapeutics during the second quarter worth $261,000. 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.