Bicycle Therapeutics (NASDAQ:BCYC) Shares Gap Up on Insider Buying Activity

Bicycle Therapeutics plc (NASDAQ:BCYC) shares gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $15.14, but opened at $16.47. Bicycle Therapeutics shares last traded at $16.17, with a volume of 167,557 shares trading hands.

Specifically, Director Bros. Advisors Lp Baker purchased 500,000 shares of the stock in a transaction on Monday, December 16th. The shares were acquired at an average price of $15.34 per share, with a total value of $7,670,000.00. Following the completion of the acquisition, the director now directly owns 9,995,274 shares of the company’s stock, valued at $153,327,503.16. This trade represents a 5.27 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker bought 985,397 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was purchased at an average cost of $13.76 per share, with a total value of $13,559,062.72. Following the acquisition, the director now directly owns 9,537,643 shares in the company, valued at $131,237,967.68. This trade represents a 11.52 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

BCYC has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Bicycle Therapeutics in a research report on Monday, September 9th. B. Riley lowered their price target on Bicycle Therapeutics from $28.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, December 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Bicycle Therapeutics in a report on Friday, November 1st. Stephens started coverage on shares of Bicycle Therapeutics in a research note on Friday, November 8th. They set an “equal weight” rating and a $25.00 target price for the company. Finally, JMP Securities reduced their price target on shares of Bicycle Therapeutics from $32.00 to $26.00 and set a “market outperform” rating on the stock in a report on Wednesday. Two 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.25.

Bicycle Therapeutics Price Performance

The company has a market cap of $1.04 billion, a P/E ratio of -4.56 and a beta of 0.86. The firm’s 50-day moving average is $22.27 and its two-hundred day moving average is $22.61.

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

Hedge Funds Weigh In On Bicycle Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its holdings in 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. Avoro Capital Advisors LLC purchased a new stake in shares of Bicycle Therapeutics in the second quarter valued at $14,168,000. Perceptive Advisors LLC purchased a new stake in shares of Bicycle Therapeutics in the second quarter valued at $11,577,000. Principal Financial Group Inc. bought a new stake in shares of Bicycle Therapeutics in the 3rd quarter worth about $10,028,000. Finally, Westfield Capital Management Co. LP boosted its stake in shares of Bicycle Therapeutics by 21.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,850,945 shares of the company’s stock worth $41,887,000 after purchasing an additional 327,089 shares during the period. Hedge funds and other institutional investors own 86.15% of the company’s stock.

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.