Bicycle Therapeutics (NASDAQ:BCYC) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Bicycle Therapeutics (NASDAQ:BCYC) in a report released on Friday, Benzinga reports. The firm currently has a $35.00 target price on the stock.

BCYC has been the topic of several other research reports. JMP Securities restated a “market outperform” rating and issued a $32.00 price target on shares of Bicycle Therapeutics in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and issued a $38.00 price target on shares of Bicycle Therapeutics in a research note on Thursday. HC Wainwright restated a “buy” rating and issued a $55.00 price target on shares of Bicycle Therapeutics in a research note on Friday. B. Riley lowered shares of Bicycle Therapeutics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $33.00 to $28.00 in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Bicycle Therapeutics in a research note on Monday, September 9th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.56.

Bicycle Therapeutics Stock Performance

BCYC traded down $0.73 on Friday, hitting $22.71. 665,690 shares of the company’s stock were exchanged, compared to its average volume of 354,259. The firm has a market cap of $1.08 billion, a PE ratio of -6.90 and a beta of 0.89. Bicycle Therapeutics has a twelve month low of $12.54 and a twelve month high of $28.67. The stock has a fifty day moving average of $24.19 and a two-hundred day moving average of $23.11. The company has a current ratio of 14.77, a quick ratio of 14.77 and a debt-to-equity ratio of 0.01.

Bicycle Therapeutics (NASDAQ:BCYC) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.74) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.06. Bicycle Therapeutics had a negative net margin of 417.88% and a negative return on equity of 32.80%. The firm had revenue of $2.68 million for the quarter, compared to analyst estimates of $6.82 million. During the same quarter in the prior year, the business earned ($1.26) earnings per share. Bicycle Therapeutics’s quarterly revenue was down 50.0% on a year-over-year basis. On average, research analysts anticipate that Bicycle Therapeutics will post -3.17 earnings per share for the current fiscal year.

Insider Activity at Bicycle Therapeutics

In related news, CEO Kevin Lee sold 3,212 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 380,864 shares in the company, valued at $8,478,032.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 4,584 shares of company stock worth $102,040 over the last quarter. 8.50% of the stock is currently owned by company insiders.

Institutional Trading of Bicycle Therapeutics

A number of large investors have recently added to or reduced their stakes in BCYC. Baker BROS. Advisors LP boosted its holdings in Bicycle Therapeutics by 176.1% during the first quarter. Baker BROS. Advisors LP now owns 4,942,823 shares of the company’s stock worth $123,076,000 after buying an additional 3,152,433 shares in the last quarter. Avoro Capital Advisors LLC acquired a new position in Bicycle Therapeutics in the 2nd quarter worth approximately $14,168,000. Perceptive Advisors LLC acquired a new position in Bicycle Therapeutics in the 2nd quarter worth approximately $11,577,000. Principal Financial Group Inc. acquired a new position in Bicycle Therapeutics in the 3rd quarter worth approximately $10,028,000. Finally, Armistice Capital LLC boosted its stake in Bicycle Therapeutics by 17.9% in the 2nd quarter. Armistice Capital LLC now owns 1,972,000 shares of the company’s stock worth $39,913,000 after purchasing an additional 300,000 shares during the period. 86.15% of the stock is currently owned by institutional investors.

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.