Bicycle Therapeutics (NASDAQ:BCYC) Trading Down 2.9% After Analyst Downgrade

Bicycle Therapeutics plc (NASDAQ:BCYC) dropped 2.9% on Thursday after JMP Securities lowered their price target on the stock from $32.00 to $26.00. JMP Securities currently has a market outperform rating on the stock. Bicycle Therapeutics traded as low as $14.75 and last traded at $14.87. Approximately 35,474 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 402,572 shares. The stock had previously closed at $15.32.

A number of other brokerages have also recently weighed in on BCYC. B. Riley reduced their price target on Bicycle Therapeutics from $28.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 target price on shares of Bicycle Therapeutics in a research note on Friday, November 1st. Stephens assumed coverage on Bicycle Therapeutics in a research note on Friday, November 8th. They set an “equal weight” rating and a $25.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Bicycle Therapeutics in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Bicycle Therapeutics in a research report on Monday, September 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.25.

Insider Buying and Selling at Bicycle Therapeutics

In related news, CAO Travis Alvin Thompson sold 6,256 shares of Bicycle Therapeutics stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $25.11, for a total transaction of $157,088.16. Following the sale, the chief accounting officer now directly owns 19,241 shares of the company’s stock, valued at approximately $483,141.51. The trade was a 24.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bros. Advisors Lp Baker purchased 985,397 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average price of $13.76 per share, with a total value of $13,559,062.72. Following the completion of the acquisition, the director now directly owns 9,537,643 shares of the company’s stock, valued at approximately $131,237,967.68. This represents a 11.52 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 10,840 shares of company stock valued at $259,128 in the last quarter. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its stake in Bicycle Therapeutics by 1,438.1% in the third 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 Bicycle Therapeutics in the 2nd quarter valued at $14,168,000. Perceptive Advisors LLC bought a new position in Bicycle Therapeutics during the 2nd quarter valued at $11,577,000. Principal Financial Group Inc. purchased a new position in Bicycle Therapeutics during the 3rd quarter worth $10,028,000. Finally, Westfield Capital Management Co. LP grew its position in Bicycle Therapeutics by 21.5% in 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 in the last quarter. Institutional investors own 86.15% of the company’s stock.

Bicycle Therapeutics Price Performance

The company has a market capitalization of $1.04 billion, a P/E ratio of -4.56 and a beta of 0.86. The firm has a fifty day moving average price of $22.27 and a 200-day moving average price of $22.61.

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

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.