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CAMBRIDGE—Alistair Milnes, Chief Operating Officer of Bicycle Therapeutics PLC (NASDAQ:BCYC), recently executed a series of stock sales totaling $16,850, according to a filing with the Securities and Exchange Commission. The transactions, which occurred on April 2 and April 3, involved the sale of 2,171 ordinary shares at a weighted average price range of $7.48 to $8.02 per share. The sales come as the stock trades near its 52-week low, having declined about 67% over the past year. According to InvestingPro analysis, the stock appears undervalued at current levels.
The sales were part of a "sell to cover" transaction to meet statutory tax withholding obligations linked to the vesting of restricted stock units, as mandated by Milnes’ award agreement. This type of transaction does not represent a discretionary sale by Milnes. Following these sales, Milnes retains ownership of 97,617 shares in the company. InvestingPro data shows the company maintains strong liquidity with a current ratio of 13.8, though it’s currently experiencing rapid cash burn.
Bicycle Therapeutics, based in Cambridge, is a clinical-stage biopharmaceutical company specializing in the development of a novel class of medicines known as Bicycles for diseases that are underserved by current therapeutics. Analysts maintain a bullish outlook on the company, with an average target suggesting significant upside potential. Get detailed insights and 12 additional ProTips with InvestingPro.
In other recent news, Bicycle Therapeutics has reported its fourth-quarter financial results for 2024, highlighting a strong cash position of approximately $880 million, which is expected to support operations into the second half of 2027. The company is advancing its lead candidate, zelenectide pevedotin, in a global Phase 2/3 trial for metastatic urothelial cancer, with promising Phase 1 data showing a 65% overall response rate. Bicycle Therapeutics has also announced plans for several Phase 1/2 trials targeting NECTIN-4 gene-amplified cancers and expects to release human imaging data from its radiopharmaceutical programs in 2025.
Leadership changes have been made, with Felix J. Baker, Ph.D., becoming the chairman of the Board of Directors, and new appointments to the governance and clinical advisory teams. JMP Securities has maintained a Market Outperform rating with a $26 price target, while Jefferies adjusted its price target to $42 from $53, reaffirming a Buy rating. Rodman & Renshaw also maintained a Buy rating with a $33 price target, reflecting continued confidence in the company’s potential.
The company has secured Fast Track designation from the U.S. Food and Drug Administration for certain advanced cancers, further supporting its strategic priorities. Bicycle Therapeutics plans to present additional data and initiate new trials in 2025, as it continues to advance its pipeline of potential cancer treatments. These developments are part of the company’s broader strategy to strengthen its oncology expertise and leadership.
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