Bicycle Therapeutics (NASDAQ:BCYC) Shares Gap Down Following Analyst Downgrade

Shares of Bicycle Therapeutics PLC Sponsored ADR (NASDAQ:BCYC) gapped down prior to trading on Friday after Royal Bank Of Canada downgraded the stock from a moderate buy rating to a hold rating. The stock had previously closed at $8.76, but opened at $8.23. Royal Bank Of Canada now has a $11.00 price target on the stock. Bicycle Therapeutics shares last traded at $8.0560, with a volume of 70,945 shares.

Several other research firms have also recently weighed in on BCYC. Citigroup restated an “outperform” rating on shares of Bicycle Therapeutics in a research note on Friday. Morgan Stanley reduced their price objective on Bicycle Therapeutics from $17.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. Oppenheimer reiterated an “outperform” rating and set a $44.00 price objective (down previously from $48.00) on shares of Bicycle Therapeutics in a research report on Monday, August 11th. JMP Securities set a $12.00 price objective on Bicycle Therapeutics in a research report on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bicycle Therapeutics in a research report on Tuesday, October 14th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Bicycle Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Insider Transactions at Bicycle Therapeutics

In other Bicycle Therapeutics news, CEO Kevin Lee sold 3,231 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $8.41, for a total transaction of $27,172.71. Following the completion of the sale, the chief executive officer owned 475,310 shares of the company’s stock, valued at approximately $3,997,357.10. The trade was a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 8,527 shares of company stock worth $71,738 over the last three months. Insiders own 22.90% of the company’s stock.

Institutional Trading of Bicycle Therapeutics

Several hedge funds have recently bought and sold shares of BCYC. Long Focus Capital Management LLC grew its holdings in Bicycle Therapeutics by 138.2% during the first quarter. Long Focus Capital Management LLC now owns 1,293,753 shares of the company’s stock valued at $10,984,000 after purchasing an additional 750,661 shares during the period. Acadian Asset Management LLC grew its holdings in Bicycle Therapeutics by 454.1% during the second quarter. Acadian Asset Management LLC now owns 698,501 shares of the company’s stock valued at $4,840,000 after purchasing an additional 572,439 shares during the period. Armistice Capital LLC grew its holdings in Bicycle Therapeutics by 21.7% during the first quarter. Armistice Capital LLC now owns 2,672,000 shares of the company’s stock valued at $22,685,000 after purchasing an additional 476,000 shares during the period. Tybourne Capital Management HK Ltd. grew its holdings in Bicycle Therapeutics by 72.4% during the second quarter. Tybourne Capital Management HK Ltd. now owns 993,743 shares of the company’s stock valued at $6,907,000 after purchasing an additional 417,400 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Bicycle Therapeutics during the first quarter valued at about $3,471,000. Institutional investors own 86.15% of the company’s stock.

Bicycle Therapeutics Stock Down 7.9%

The firm has a market cap of $559.33 million, a P/E ratio of -2.23 and a beta of 1.47. The company has a fifty day simple moving average of $7.66 and a 200-day simple moving average of $7.87.

Bicycle Therapeutics (NASDAQ:BCYC) last released its quarterly earnings data on Friday, August 8th. The company reported ($1.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.19). The business had revenue of $2.90 million during the quarter, compared to the consensus estimate of $9.43 million. Bicycle Therapeutics had a negative return on equity of 34.63% and a negative net margin of 884.51%. As a group, research analysts forecast that Bicycle Therapeutics PLC Sponsored ADR will post -3.06 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.