Bicycle Therapeutics (NASDAQ:BCYC) Stock Bumped Down to Strong Sell by Zacks Research

Key Points

• Zacks Research downgraded Bicycle Therapeutics to “strong sell” from “hold,” while the broader analyst consensus remains “Hold” with an average price target of $13.86.
• BCYC shares opened at $3.60, near their 52-week low of $3.33. The company’s latest quarterly results missed expectations, reporting a $0.72 loss per share versus a projected $0.58 loss and revenue of $0.63 million versus estimates of $4.22 million.
• Institutional investors and hedge funds own approximately 86.15% of Bicycle Therapeutics, with several firms increasing their holdings during the reported periods.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday, Zacks reports.

A number of other research firms have also recently issued reports on BCYC. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Bicycle Therapeutics in a research report on Friday, October 2nd. Needham & Company LLC decreased their target price on Bicycle Therapeutics from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded Bicycle Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Bicycle Therapeutics has a consensus rating of "Hold" and an average target price of $13.86.

Bicycle Therapeutics Trading Up 2.6%

Shares of NASDAQ:BCYC opened at $3.60 on Wednesday. Bicycle Therapeutics has a 52-week low of $3.33 and a 52-week high of $9.08. The company has a 50-day simple moving average of $3.93 and a 200 day simple moving average of $4.26.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.72) earnings per share for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.14). The business had revenue of $0.63 million for the quarter, compared to analyst estimates of $4.22 million. Bicycle Therapeutics had a negative return on equity of 33.22% and a negative net margin of 311.11%. On average, equities research analysts anticipate that Bicycle Therapeutics will post -2.26 earnings per share for the current year.

Institutional Investors Weigh In On Bicycle Therapeutics

Hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its holdings in shares of Bicycle Therapeutics by 2.3% during the first quarter. Principal Financial Group Inc. now owns 1,174,625 shares of the company's stock worth $5,450,000 after acquiring an additional 26,353 shares during the period. Renaissance Technologies LLC lifted its holdings in Bicycle Therapeutics by 72.8% during the 1st quarter. Renaissance Technologies LLC now owns 979,300 shares of the company's stock worth $4,544,000 after purchasing an additional 412,700 shares during the last quarter. Flax Pond Capital LLC acquired a new stake in Bicycle Therapeutics during the 4th quarter worth approximately $1,229,000. Rangeley Capital LLC lifted its holdings in Bicycle Therapeutics by 76.0% during the 1st quarter. Rangeley Capital LLC now owns 232,260 shares of the company's stock worth $1,078,000 after purchasing an additional 100,260 shares during the last quarter. Finally, Eversept Partners LP boosted its stake in Bicycle Therapeutics by 6.6% in the 1st quarter. Eversept Partners LP now owns 190,715 shares of the company's stock valued at $885,000 after purchasing an additional 11,800 shares during the period. 86.15% of the stock is currently owned by institutional investors and hedge funds.

About Bicycle Therapeutics

Bicycle Therapeutics plc NASDAQ: BCYC is a clinical-stage biotechnology company developing medicines based on its proprietary Bicycle molecule platform. The platform uses short, chemically constrained peptides designed to bind selectively to biological targets, with the goal of combining the tissue penetration and target specificity of small molecules with some of the binding characteristics of larger biologic medicines.

The company is focused primarily on oncology and is developing Bicycle toxin conjugates, immune-cell engaging molecules and other targeted therapeutics.

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