Bicycle Therapeutics (NASDAQ:BCYC) Earns Buy Rating from Needham & Company LLC

Bicycle Therapeutics (NASDAQ:BCYC)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $38.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 62.12% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Bicycle Therapeutics in a research note on Thursday, October 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of Bicycle Therapeutics in a research note on Wednesday, August 7th. B. Riley downgraded shares of Bicycle Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $33.00 to $28.00 in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Bicycle Therapeutics in a research report on Monday, September 9th. Finally, JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Bicycle Therapeutics in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.56.

Bicycle Therapeutics Stock Performance

Bicycle Therapeutics stock traded down $0.59 during mid-day trading on Thursday, hitting $23.44. 495,072 shares of the company’s stock traded hands, compared to its average volume of 352,768. Bicycle Therapeutics has a fifty-two week low of $12.54 and a fifty-two week high of $28.67. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of -5.27 and a beta of 0.89. The firm has a 50 day simple moving average of $24.16 and a two-hundred day simple moving average of $23.10. The company has a debt-to-equity ratio of 0.01, a current ratio of 14.77 and a quick ratio of 14.77.

Bicycle Therapeutics (NASDAQ:BCYC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.77) EPS for the quarter, beating the consensus estimate of ($1.10) by $0.33. Bicycle Therapeutics had a negative net margin of 417.88% and a negative return on equity of 32.80%. The business had revenue of $9.36 million during the quarter, compared to the consensus estimate of $6.13 million. The company’s revenue was down 17.9% on a year-over-year basis. On average, research analysts expect that Bicycle Therapeutics will post -3.17 EPS for the current fiscal year.

Insider Activity at Bicycle Therapeutics

In other news, CEO Kevin Lee sold 3,212 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $22.26, for a total value of $71,499.12. Following the completion of the sale, the chief executive officer now owns 380,864 shares of the company’s stock, valued at approximately $8,478,032.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 4,584 shares of company stock valued at $102,040 over the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Baker BROS. Advisors LP boosted its holdings in shares of 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 purchasing an additional 3,152,433 shares during the period. Avoro Capital Advisors LLC bought a new stake in shares of Bicycle Therapeutics in the 2nd quarter worth approximately $14,168,000. Perceptive Advisors LLC purchased a new position in shares of Bicycle Therapeutics during the second quarter valued at approximately $11,577,000. Armistice Capital LLC raised its holdings in shares of Bicycle Therapeutics by 17.9% during the second quarter. Armistice Capital LLC now owns 1,972,000 shares of the company’s stock valued at $39,913,000 after acquiring an additional 300,000 shares in the last quarter. Finally, First Light Asset Management LLC increased its position in shares of Bicycle Therapeutics by 16.1% during the second quarter. First Light Asset Management LLC now owns 1,384,768 shares of the company’s stock valued at $28,028,000 after buying an additional 191,717 shares during the period. Institutional investors own 86.15% of the company’s stock.

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.