Verition Fund Management LLC Cuts Stock Holdings in Bicycle Therapeutics plc (NASDAQ:BCYC)

Verition Fund Management LLC reduced its position in shares of Bicycle Therapeutics plc (NASDAQ:BCYC - Free Report) by 20.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 212,151 shares of the company's stock after selling 54,598 shares during the quarter. Verition Fund Management LLC owned 0.45% of Bicycle Therapeutics worth $4,801,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Avoro Capital Advisors LLC bought a new stake in Bicycle Therapeutics during the second quarter valued at about $14,168,000. Perceptive Advisors LLC bought a new stake in shares of Bicycle Therapeutics in the 2nd quarter valued at approximately $11,577,000. Principal Financial Group Inc. purchased a new position in Bicycle Therapeutics during the third quarter worth $10,028,000. Westfield Capital Management Co. LP grew its holdings in Bicycle Therapeutics by 21.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,850,945 shares of the company's stock valued at $41,887,000 after purchasing an additional 327,089 shares during the last quarter. Finally, Armistice Capital LLC raised its holdings in shares of Bicycle Therapeutics by 17.9% in the second quarter. Armistice Capital LLC now owns 1,972,000 shares of the company's stock worth $39,913,000 after buying an additional 300,000 shares during the period. 86.15% of the stock is owned by hedge funds and other institutional investors.

Bicycle Therapeutics Trading Down 2.8 %

Bicycle Therapeutics stock traded down $0.56 during mid-day trading on Tuesday, reaching $19.45. 455,982 shares of the company traded hands, compared to its average volume of 415,737. The firm's fifty day moving average is $23.42 and its two-hundred day moving average is $22.94. Bicycle Therapeutics plc has a fifty-two week low of $14.33 and a fifty-two week high of $28.67.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.74) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.04. The business had revenue of $2.68 million for the quarter, compared to analyst estimates 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 in the prior year, the company earned ($1.26) earnings per share. Analysts predict that Bicycle Therapeutics plc will post -3.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BCYC shares. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price target on shares of Bicycle Therapeutics in a research note on Monday, September 16th. Needham & Company LLC reiterated a "buy" rating and set a $38.00 price objective on shares of Bicycle Therapeutics in a research note on Thursday, October 31st. Royal Bank of Canada reissued an "outperform" rating and issued a $35.00 price objective on shares of Bicycle Therapeutics in a research note on Friday, November 1st. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bicycle Therapeutics in a report on Monday, September 9th. Finally, 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. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.13.

Insider Buying and Selling at Bicycle Therapeutics

In related news, CEO Kevin Lee sold 3,212 shares of the firm's stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $22.26, for a total transaction of $71,499.12. Following the sale, the chief executive officer now owns 380,864 shares in the company, valued at approximately $8,478,032.64. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Travis Alvin Thompson sold 6,256 shares of the company's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $25.11, for a total transaction of $157,088.16. Following the completion of the transaction, the chief accounting officer now owns 19,241 shares of the company's stock, valued at approximately $483,141.51. This trade represents a 24.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,840 shares of company stock worth $259,128. Company insiders own 8.50% 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.