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

Bicycle Therapeutics plc (NASDAQ:BCYC - Get Free Report) dropped 2.9% during trading 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 trading, a decline of 91% from the average daily volume of 402,572 shares. The stock had previously closed at $15.32.

BCYC has been the topic of several other research reports. Needham & Company LLC restated a "buy" rating and set a $38.00 target price on shares of Bicycle Therapeutics in a research report on Thursday, October 31st. HC Wainwright dropped their price objective on Bicycle Therapeutics from $55.00 to $33.00 and set a "buy" rating on the stock in a report on Monday. 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. Cantor Fitzgerald reissued an "overweight" rating on shares of Bicycle Therapeutics in a report on Monday, September 9th. Finally, B. Riley reduced their price objective on shares of Bicycle Therapeutics from $28.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Bicycle Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $35.25.

Insiders Place Their Bets

In other Bicycle Therapeutics 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 transaction, the chief accounting officer now directly owns 19,241 shares of the company's stock, valued at approximately $483,141.51. This trade represents a 24.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bros. Advisors Lp Baker acquired 500,000 shares of the stock in a transaction dated Monday, December 16th. The stock was acquired at an average price of $15.34 per share, with a total value of $7,670,000.00. Following the completion of the acquisition, the director now owns 9,995,274 shares in the company, valued at approximately $153,327,503.16. The trade was a 5.27 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 10,840 shares of company stock valued at $259,128 in the last quarter. Corporate insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Bicycle Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. bought a new position in Bicycle Therapeutics during the 3rd quarter worth approximately $34,000. GAMMA Investing LLC grew its holdings in shares of Bicycle Therapeutics by 105.1% in the third quarter. GAMMA Investing LLC now owns 2,026 shares of the company's stock worth $46,000 after purchasing an additional 1,038 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Bicycle Therapeutics by 69.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 7,138 shares of the company's stock worth $162,000 after purchasing an additional 2,918 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Bicycle Therapeutics in the second quarter worth $206,000. Finally, Crossmark Global Holdings Inc. bought a new stake in Bicycle Therapeutics during the 3rd quarter valued at $257,000. Institutional investors own 86.15% of the company's stock.

Bicycle Therapeutics Stock Performance

The firm has a market cap of $1.04 billion, a PE ratio of -4.56 and a beta of 0.86. The company's 50-day simple moving average is $22.27 and its two-hundred day simple moving average is $22.61.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported ($0.74) earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.68 million during the quarter, compared to analyst estimates of $6.82 million. During the same period in the prior year, the business posted ($1.26) earnings per share. Bicycle Therapeutics's revenue for the quarter was down 50.0% on a year-over-year basis. On average, analysts expect 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.