Bicycle Therapeutics (NASDAQ:BCYC) Issues Earnings Results, Misses Estimates By $0.19 EPS

Key Points

• Bicycle Therapeutics reported a quarterly earnings loss of ($1.14) per share, which missed analysts' expectations by ($0.19).
• The company generated $2.90 million in revenue for the quarter, falling significantly short of the consensus estimate of $9.43 million.
• Several analysts have adjusted their price targets for Bicycle Therapeutics, with Barclays lowering its target from $40.00 to $15.00 while maintaining an "overweight" rating.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) issued its quarterly earnings data on Friday. The company reported ($1.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.95) by ($0.19), Zacks reports. The firm had revenue of $2.90 million for the quarter, compared to the consensus estimate of $9.43 million. Bicycle Therapeutics had a negative return on equity of 32.43% and a negative net margin of 1,257.00%.

Bicycle Therapeutics Stock Up 0.4%

Shares of NASDAQ BCYC traded up $0.03 during trading on Thursday, reaching $7.38. The company had a trading volume of 543,734 shares, compared to its average volume of 296,136. The company's fifty day moving average price is $7.87 and its 200-day moving average price is $8.87. Bicycle Therapeutics has a 12 month low of $6.10 and a 12 month high of $28.67. The stock has a market cap of $511.07 million, a P/E ratio of -2.10 and a beta of 1.44.

Institutional Investors Weigh In On Bicycle Therapeutics

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its stake in shares of Bicycle Therapeutics by 156.5% in the 1st quarter. Millennium Management LLC now owns 453,428 shares of the company's stock valued at $3,850,000 after purchasing an additional 276,671 shares during the period. Woodline Partners LP acquired a new position in shares of Bicycle Therapeutics in the 1st quarter valued at about $3,088,000. Legal & General Group Plc lifted its stake in shares of Bicycle Therapeutics by 28.9% in the 2nd quarter. Legal & General Group Plc now owns 174,910 shares of the company's stock valued at $1,214,000 after purchasing an additional 39,252 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Bicycle Therapeutics by 1.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 140,492 shares of the company's stock valued at $976,000 after purchasing an additional 2,243 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Bicycle Therapeutics by 89.0% in the 2nd quarter. Geode Capital Management LLC now owns 40,412 shares of the company's stock valued at $281,000 after purchasing an additional 19,035 shares during the period. Institutional investors own 86.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Needham & Company LLC restated a "buy" rating and set a $29.00 price objective on shares of Bicycle Therapeutics in a research report on Friday, May 2nd. Oppenheimer restated an "outperform" rating and set a $44.00 price objective (down previously from $48.00) on shares of Bicycle Therapeutics in a research report on Monday. Royal Bank Of Canada set a $27.00 price objective on Bicycle Therapeutics and gave the stock an "outperform" rating in a research report on Monday. Barclays reduced their price objective on Bicycle Therapeutics from $40.00 to $15.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, B. Riley reduced their price objective on Bicycle Therapeutics from $17.00 to $14.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.22.

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.