Bicycle Therapeutics (NASDAQ:BCYC) Releases Earnings Results, Misses Expectations 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. Bicycle Therapeutics had a negative net margin of 790.07% and a negative return on equity of 25.54%. The company had revenue of $2.90 million for the quarter, compared to the consensus estimate of $9.43 million.

Bicycle Therapeutics Stock Performance

BCYC traded up $0.19 during midday trading on Friday, reaching $7.65. 256,013 shares of the company were exchanged, compared to its average volume of 258,752. Bicycle Therapeutics has a one year low of $6.10 and a one year high of $28.67. The stock has a market capitalization of $529.76 million, a P/E ratio of -2.44 and a beta of 1.44. The stock's 50-day simple moving average is $7.96 and its 200 day simple moving average is $9.03.

Hedge Funds Weigh In On Bicycle Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Bicycle Therapeutics by 89.0% during the second quarter. Geode Capital Management LLC now owns 40,412 shares of the company's stock worth $281,000 after purchasing an additional 19,035 shares during the period. Woodline Partners LP bought a new position in Bicycle Therapeutics in the first quarter valued at approximately $3,088,000. Goldman Sachs Group Inc. bought a new position in Bicycle Therapeutics in the first quarter valued at approximately $214,000. Finally, Millennium Management LLC grew its stake in Bicycle Therapeutics by 156.5% in the first 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 in the last quarter. Institutional investors own 86.15% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BCYC shares. Barclays dropped their price target on shares of Bicycle Therapeutics from $40.00 to $15.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. B. Riley lowered their target price on Bicycle Therapeutics from $17.00 to $14.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. JMP Securities lowered their target price on Bicycle Therapeutics from $26.00 to $22.00 and set a "market outperform" rating on the stock in a research note on Friday, May 2nd. Needham & Company LLC reissued a "buy" rating and issued a $29.00 price target on shares of Bicycle Therapeutics in a research note on Friday, May 2nd. Finally, Royal Bank Of Canada reduced their target price on Bicycle Therapeutics from $32.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.25.

Bicycle Therapeutics Company Profile

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.

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