Bicycle Therapeutics (NASDAQ:BCYC) Sees Strong Trading Volume - Here's What Happened

Bicycle Therapeutics plc (NASDAQ:BCYC - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,538,540 shares were traded during mid-day trading, an increase of 286% from the previous session's volume of 399,080 shares.The stock last traded at $15.64 and had previously closed at $15.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. B. Riley dropped 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. Royal Bank of Canada restated an "outperform" rating and issued a $35.00 target price on shares of Bicycle Therapeutics in a report on Friday, November 1st. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Bicycle Therapeutics in a research note on Monday, September 16th. HC Wainwright lowered their price target on shares of Bicycle Therapeutics from $55.00 to $33.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $38.00 target price on shares of Bicycle Therapeutics in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Bicycle Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $36.00.

Bicycle Therapeutics Stock Up 0.1 %

The company has a market cap of $1.05 billion, a price-to-earnings ratio of -4.60 and a beta of 0.86. The stock's 50-day simple moving average is $22.62 and its 200 day simple moving average is $22.71.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.74) EPS for the quarter, topping the consensus estimate 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 analyst estimates of $6.82 million. During the same period in the prior year, the business posted ($1.26) EPS. The business's revenue for the quarter was down 50.0% compared to the same quarter last year. On average, sell-side analysts expect that Bicycle Therapeutics plc will post -3.05 EPS for the current fiscal year.

Insider Activity

In related news, Director Bros. Advisors Lp Baker acquired 985,397 shares of Bicycle Therapeutics stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $13.76 per share, for a total transaction of $13,559,062.72. Following the completion of the purchase, the director now owns 9,537,643 shares in the company, valued at approximately $131,237,967.68. The trade was a 11.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin Lee sold 3,212 shares of the business's stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $22.26, for a total value of $71,499.12. Following the transaction, the chief executive officer now directly owns 380,864 shares of the company's stock, valued at $8,478,032.64. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,840 shares of company stock valued at $259,128. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bicycle Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. raised its holdings 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 acquiring an additional 841,299 shares in the last quarter. Avoro Capital Advisors LLC purchased a new stake in shares of Bicycle Therapeutics in the 2nd quarter valued at approximately $14,168,000. Perceptive Advisors LLC acquired a new stake in shares of Bicycle Therapeutics in the 2nd quarter valued at $11,577,000. Principal Financial Group Inc. purchased a new stake in shares of Bicycle Therapeutics during the 3rd quarter worth $10,028,000. Finally, Westfield Capital Management Co. LP grew its stake in shares of Bicycle Therapeutics by 21.5% during the third 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. 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.