Bicycle Therapeutics (NASDAQ:BCYC) Shares Down 4.6% - Here's What Happened

Shares of Bicycle Therapeutics plc (NASDAQ:BCYC - Get Free Report) dropped 4.6% during trading on Friday . The stock traded as low as $8.27 and last traded at $8.29. Approximately 45,076 shares traded hands during trading, a decline of 88% from the average daily volume of 388,414 shares. The stock had previously closed at $8.69.

Wall Street Analyst Weigh In

BCYC has been the topic of several research reports. JMP Securities decreased their price target on shares of 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. Royal Bank of Canada cut their price target on shares of Bicycle Therapeutics from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. HC Wainwright reiterated a "buy" rating and issued a $33.00 price target on shares of Bicycle Therapeutics in a report on Wednesday, February 26th. Morgan Stanley set a $17.00 price objective on Bicycle Therapeutics and gave the company an "equal weight" rating in a research report on Monday, May 5th. Finally, Needham & Company LLC reissued a "buy" rating and set a $29.00 price objective on shares of Bicycle Therapeutics in a research report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Bicycle Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $25.00.

Bicycle Therapeutics Trading Down 3.9%

The stock has a 50 day simple moving average of $8.15 and a 200-day simple moving average of $11.12. The firm has a market capitalization of $556.80 million, a P/E ratio of -2.44 and a beta of 1.46.

Bicycle Therapeutics (NASDAQ:BCYC - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.02). The firm had revenue of $9.98 million for the quarter, compared to the consensus estimate of $8.67 million. Bicycle Therapeutics had a negative net margin of 450.64% and a negative return on equity of 27.35%. As a group, sell-side analysts expect that Bicycle Therapeutics plc will post -3.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its stake in Bicycle Therapeutics by 878.3% in the 4th quarter. Barclays PLC now owns 2,612 shares of the company's stock worth $37,000 after purchasing an additional 2,345 shares during the period. Tocqueville Asset Management L.P. boosted its stake in Bicycle Therapeutics by 24.5% in the 1st quarter. Tocqueville Asset Management L.P. now owns 18,300 shares of the company's stock worth $155,000 after purchasing an additional 3,600 shares during the period. Jane Street Group LLC boosted its stake in Bicycle Therapeutics by 18.9% in the 4th quarter. Jane Street Group LLC now owns 23,991 shares of the company's stock worth $336,000 after purchasing an additional 3,811 shares during the period. Exchange Traded Concepts LLC boosted its stake in Bicycle Therapeutics by 90.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 12,764 shares of the company's stock worth $108,000 after purchasing an additional 6,057 shares during the period. Finally, Bank of America Corp DE boosted its stake in Bicycle Therapeutics by 2.1% in the 4th quarter. Bank of America Corp DE now owns 392,859 shares of the company's stock worth $5,500,000 after purchasing an additional 7,994 shares during the period. 86.15% of the stock is currently owned by institutional investors.

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.