Bicycle Therapeutics (NASDAQ:BCYC) Trading Down 8.8% Following Analyst Downgrade

Bicycle Therapeutics PLC Sponsored ADR (NASDAQ:BCYC)’s share price fell 8.8% during mid-day trading on Monday after Royal Bank Of Canada downgraded the stock from an outperform rating to a sector perform rating. Royal Bank Of Canada now has a $11.00 price target on the stock, down from their previous price target of $27.00. Bicycle Therapeutics traded as low as $7.40 and last traded at $7.36. 168,478 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 309,490 shares. The stock had previously closed at $8.07.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley cut their price target on shares of Bicycle Therapeutics from $17.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bicycle Therapeutics in a research report on Tuesday, October 14th. Oppenheimer reaffirmed an “outperform” rating and issued a $44.00 target price (down from $48.00) on shares of Bicycle Therapeutics in a research report on Monday, August 11th. Citigroup reaffirmed an “outperform” rating on shares of Bicycle Therapeutics in a research report on Friday. Finally, Citizens Jmp raised their target price on shares of Bicycle Therapeutics from $10.00 to $12.00 and gave the stock a “market outperform” rating in a research report on Friday. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Bicycle Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $19.80.

Insider Transactions at Bicycle Therapeutics

In related news, CEO Kevin Lee sold 3,231 shares of Bicycle Therapeutics stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $8.41, for a total transaction of $27,172.71. Following the completion of the transaction, the chief executive officer directly owned 475,310 shares of the company’s stock, valued at $3,997,357.10. This trade represents a 0.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 8,527 shares of company stock worth $71,738. Company insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in Bicycle Therapeutics by 55.3% during the 1st quarter. Principal Financial Group Inc. now owns 631,260 shares of the company’s stock valued at $5,359,000 after purchasing an additional 224,790 shares in the last quarter. Cerity Partners LLC bought a new stake in Bicycle Therapeutics during the 1st quarter valued at about $113,000. Jefferies Financial Group Inc. bought a new stake in shares of Bicycle Therapeutics in the first quarter worth approximately $3,471,000. Westfield Capital Management Co. LP grew its stake in shares of Bicycle Therapeutics by 1.8% in the first quarter. Westfield Capital Management Co. LP now owns 2,657,305 shares of the company’s stock worth $22,561,000 after acquiring an additional 46,968 shares during the period. Finally, Tocqueville Asset Management L.P. grew its stake in shares of Bicycle Therapeutics by 24.5% in the first quarter. Tocqueville Asset Management L.P. now owns 18,300 shares of the company’s stock worth $155,000 after acquiring an additional 3,600 shares during the period. 86.15% of the stock is owned by hedge funds and other institutional investors.

Bicycle Therapeutics Price Performance

The business’s 50 day moving average price is $7.66 and its 200 day moving average price is $7.88. The stock has a market capitalization of $511.14 million, a P/E ratio of -2.04 and a beta of 1.47.

Bicycle Therapeutics (NASDAQ:BCYC) last announced its quarterly earnings results on Friday, August 8th. The company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.19). The company had revenue of $2.90 million during the quarter, compared to the consensus estimate of $9.43 million. Bicycle Therapeutics had a negative return on equity of 36.05% and a negative net margin of 884.51%. As a group, analysts forecast that Bicycle Therapeutics PLC Sponsored ADR will post -3.06 earnings per share for the current fiscal 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.