Bicycle Therapeutics PLC (NASDAQ:BCYC), a $1.03 billion market cap biotech company currently trading at $14.88, recently disclosed that its Chief Executive Officer, Kevin Lee, sold a portion of his holdings in the company. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 17.13, though it faces profitability challenges. According to a Form 4 filing with the Securities and Exchange Commission, Lee sold a total of 12,130 ordinary shares over two days. The transactions took place on January 2 and January 3, with prices ranging from $14.09 to $14.75 per share, totaling approximately $172,952. These sales occurred amid a challenging period for the stock, which has declined by about 26% over the past six months.
The filing also reported that Lee acquired 123,200 restricted stock units, which are set to vest in stages over the coming years. Additionally, Lee exercised employee stock options to acquire 308,000 ordinary shares, which will vest gradually. Notably, analysts maintain optimistic price targets ranging from $17 to $53, suggesting potential upside. Get more detailed insights and 7 additional key tips with InvestingPro.
After these transactions, Lee's direct ownership in Bicycle Therapeutics stands at 491,934 shares. The sales were made to cover statutory tax withholding obligations related to the vesting and settlement of restricted stock units, as mandated by his award agreement.
In other recent news, Bicycle Therapeutics has experienced a number of significant developments. Analyst firm B.Riley adjusted the company's price target from $28.00 to $17.00, maintaining a neutral rating, following the release of clinical data for zelenectide pevedotin that did not meet expectations. Meanwhile, H.C. Wainwright revised its price target for the company, reducing it to $33.00, yet held onto its Buy rating. Morgan Stanley (NYSE:MS) also maintained its Equalweight rating on Bicycle Therapeutics with a steady price target of $30.00.
On the other hand, Needham retained its Buy rating and $38.00 stock price target for Bicycle Therapeutics, anticipating promising early results for the monotherapy in patients with triple-negative breast cancer. Similarly, Leerink Partners raised the company's price target to $32.00, maintaining an Outperform rating, following the company's third-quarter financial results and pipeline progress.
Despite recent challenges, Bicycle Therapeutics reported impressive revenue growth of 48.6% in the last twelve months. Analysts from various firms, including H.C. Wainwright, Oppenheimer, and B.Riley, have maintained their respective Buy, Outperform, and Neutral ratings, citing potential advancements in the company's Bicycle Radio Conjugate (BRC) platform. These are the recent developments surrounding Bicycle Therapeutics.
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