First Light Asset Management LLC Buys 191,717 Shares of Bicycle Therapeutics plc (NASDAQ:BCYC)

First Light Asset Management LLC boosted its stake in Bicycle Therapeutics plc (NASDAQ:BCYC) by 16.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,384,768 shares of the company’s stock after purchasing an additional 191,717 shares during the period. Bicycle Therapeutics makes up approximately 2.5% of First Light Asset Management LLC’s holdings, making the stock its 21st largest position. First Light Asset Management LLC’s holdings in Bicycle Therapeutics were worth $28,028,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new stake in shares of Bicycle Therapeutics in the fourth quarter worth $137,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Bicycle Therapeutics by 71.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,859 shares of the company’s stock worth $171,000 after buying an additional 2,858 shares during the last quarter. XTX Topco Ltd purchased a new stake in Bicycle Therapeutics during the second quarter valued at approximately $206,000. PDS Planning Inc bought a new position in Bicycle Therapeutics in the first quarter worth approximately $210,000. Finally, Natixis Advisors LLC purchased a new stake in shares of Bicycle Therapeutics in the 2nd quarter worth $261,000. 86.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Kevin Lee sold 3,194 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $19.64, for a total transaction of $62,730.16. Following the transaction, the chief executive officer now owns 384,076 shares of the company’s stock, valued at approximately $7,543,252.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 4,555 shares of company stock valued at $89,460 in the last ninety days. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BCYC shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bicycle Therapeutics in a research report on Monday, September 9th. B. Riley cut shares of Bicycle Therapeutics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $28.00 in a research note on Wednesday, August 7th. Royal Bank of Canada started coverage on shares of Bicycle Therapeutics in a research report on Friday, September 6th. They issued an “outperform” rating and a $35.00 price target for the company. Oppenheimer restated an “outperform” rating and set a $48.00 price objective on shares of Bicycle Therapeutics in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $38.00 target price on shares of Bicycle Therapeutics in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.56.

Bicycle Therapeutics Price Performance

NASDAQ:BCYC opened at $23.97 on Tuesday. The company has a market capitalization of $1.03 billion, a P/E ratio of -5.39 and a beta of 0.90. The business’s 50-day moving average is $23.46 and its 200 day moving average is $22.99. The company has a current ratio of 14.77, a quick ratio of 14.77 and a debt-to-equity ratio of 0.01. Bicycle Therapeutics plc has a 12 month low of $12.54 and a 12 month high of $28.20.

Bicycle Therapeutics (NASDAQ:BCYC) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.77) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.10) by $0.33. The company had revenue of $9.36 million for the quarter, compared to the consensus estimate of $6.13 million. Bicycle Therapeutics had a negative net margin of 417.88% and a negative return on equity of 32.80%. The business’s revenue was down 17.9% on a year-over-year basis. On average, equities research analysts forecast that Bicycle Therapeutics plc will post -3.17 earnings per share for the current fiscal year.

Bicycle Therapeutics 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.