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

Bicycle Therapeutics plc (NASDAQ:BCYC - Get Free Report)'s share price gapped up before the market opened on Wednesday following insider buying activity. 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.

Specifically, Director Bros. Advisors Lp Baker purchased 500,000 shares of the stock in a transaction dated Monday, December 16th. The shares were bought at an average price of $15.34 per share, with a total value of $7,670,000.00. Following the completion of the transaction, the director now directly owns 9,995,274 shares in the company, valued at approximately $153,327,503.16. This trade represents a 5.27 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bros. Advisors Lp Baker acquired 985,397 shares of the business's stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $13.76 per share, with a total value of $13,559,062.72. Following the completion of the acquisition, the director now 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.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BCYC. JMP Securities reduced their price target on Bicycle Therapeutics from $32.00 to $26.00 and set a "market outperform" rating for the company in a research report on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and set a $35.00 target price on shares of Bicycle Therapeutics in a report on Friday, November 1st. HC Wainwright cut their price objective on shares of Bicycle Therapeutics from $55.00 to $33.00 and set a "buy" rating for the company in a research report on Monday. Needham & Company LLC reaffirmed a "buy" rating and set a $38.00 target price on shares of Bicycle Therapeutics in a report on Thursday, October 31st. Finally, Stephens assumed coverage on shares of Bicycle Therapeutics in a research report on Friday, November 8th. They set an "equal weight" rating and a $25.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Bicycle Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.25.

Bicycle Therapeutics Stock Performance

The company has a 50-day simple moving average of $22.45 and a two-hundred day simple moving average of $22.66. The firm has a market capitalization of $1.06 billion, a P/E ratio of -4.65 and a beta of 0.86.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.74) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.04. The firm 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 company's revenue was down 50.0% on a year-over-year basis. During the same period last year, the company earned ($1.26) earnings per share. As a group, research analysts forecast that Bicycle Therapeutics plc will post -3.05 earnings per share for the current fiscal year.

Institutional Trading of Bicycle Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC bought a new stake in Bicycle Therapeutics in the 3rd quarter worth about $3,406,000. TD Asset Management Inc lifted its position in Bicycle Therapeutics by 76.7% during the second quarter. TD Asset Management Inc now owns 97,186 shares of the company's stock valued at $1,967,000 after purchasing an additional 42,200 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Bicycle Therapeutics by 33.2% in the third quarter. The Manufacturers Life Insurance Company now owns 129,705 shares of the company's stock worth $2,935,000 after purchasing an additional 32,313 shares during the last quarter. Perceptive Advisors LLC bought a new stake in Bicycle Therapeutics in the 2nd quarter worth approximately $11,577,000. Finally, Renaissance Technologies LLC grew its position in Bicycle Therapeutics by 97.2% in the 2nd quarter. Renaissance Technologies LLC now owns 326,800 shares of the company's stock worth $6,614,000 after purchasing an additional 161,100 shares during the period. 86.15% of the stock is currently owned by hedge funds and other institutional investors.

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.