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BCYC

Bicycle Therapeutics NasdaqGS:BCYC Stock Report

Last Price

US$22.02

Market Cap

US$653.5m

7D

-9.1%

1Y

-47.2%

Updated

05 Oct, 2022

Data

Company Financials +
BCYC fundamental analysis
Snowflake Score
Valuation0/6
Future Growth2/6
Past Performance0/6
Financial Health5/6
Dividends0/6

BCYC Stock Overview

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics.

Bicycle Therapeutics Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Bicycle Therapeutics
Historical stock prices
Current Share PriceUS$22.02
52 Week HighUS$62.08
52 Week LowUS$12.08
Beta0.70
1 Month Change-14.45%
3 Month Change10.10%
1 Year Change-47.19%
3 Year Change120.20%
5 Year Changen/a
Change since IPO83.50%

Recent News & Updates

Aug 31

Bicycle Therapeutics initiated Outperform at Cowen citing drug platform

Cowen launched its coverage on oncology-focused biotech Bicycle Therapeutics (NASDAQ:BCYC) on Wednesday, arguing that the company’s therapeutic platform of bicycle toxin conjugates (BTC) can outshine another cancer drug class called antibody-drug conjugates (ADC). The smaller size, better cancer specificity, and lower systemic effects compared to ADCs make BTCs the most uniquely suitable candidates to treat tumors such as urothelial cancer and ovarian cancer, the analysts led by Tara Bancroft argue. During Q3 2022, BCYC plans to share results from the dose escalation portion of a Phase I/II study for its BTC candidate BT5528, which analysts said could validate its peak sales potential and the BTC platform. BT5528, a BTC designed to target EphA2-expressing tumors, is expected to add ~$650M peak sales by 2035, Bancroft and the team project. In addition, Cowen estimates that the company’s second-generation BTC BT8009 that targets Nectin-4 tumors could achieve ~$1B peak sales by 2035. In April, BCYC shares whipsawed after the company announced Phase 1/2 data for BT8009 at the 2022 American Association for Cancer Research (AACR) Annual Meeting.

Jul 12

Bicycle to get $10M as Genentech uses option for new program under cancer drug collaboration

Bicycle Therapeutics (NASDAQ:BCYC) will get $10M from Genentech as the Roche (OTCQX:RHHBY) (OTCQX:RHHBF) unit exercised its second option to begin a new program under a collaboration to discover, develop and sell novel immuno-oncology therapies. The two companies entered a collaboration in February 2020 for the discovery and pre-clinical development of novel Bicycle-based immunotherapies for multiple targets. Genentech was granted the right to add two additional programs, one of which was exercised by the Roche unit in October 2021 triggering a $10M payment while the second has been exercised now. Bicycle noted that none of the compounds in its wholly owned cancer pipeline, including its immuno-oncology candidates, are included in the collaboration.

Shareholder Returns

BCYCUS BiotechsUS Market
7D-9.1%1.2%1.9%
1Y-47.2%-19.3%-18.8%

Return vs Industry: BCYC underperformed the US Biotechs industry which returned -20.8% over the past year.

Return vs Market: BCYC underperformed the US Market which returned -18.2% over the past year.

Price Volatility

Is BCYC's price volatile compared to industry and market?
BCYC volatility
BCYC Average Weekly Movement9.0%
Biotechs Industry Average Movement11.2%
Market Average Movement7.0%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.9%

Stable Share Price: BCYC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: BCYC's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2009149Kevin Leehttps://www.bicycletherapeutics.com

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics. Its lead product candidate is BT1718, a bicycle toxin conjugate (BTC), which is in Phase I/IIa clinical trials targeting tumors that express Membrane Type 1 matrix metalloprotease. The company’s oncology product candidates also comprise BT5528, a BTC that is in a Phase I/II clinical trial targeting EphA2; and BT8009, which is in Phase I/II clinical trial targeting Nectin-4.

Bicycle Therapeutics Fundamentals Summary

How do Bicycle Therapeutics's earnings and revenue compare to its market cap?
BCYC fundamental statistics
Market CapUS$653.47m
Earnings (TTM)-US$87.11m
Revenue (TTM)US$16.34m

40.0x

P/S Ratio

-7.5x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BCYC income statement (TTM)
RevenueUS$16.34m
Cost of RevenueUS$57.60m
Gross Profit-US$41.26m
Other ExpensesUS$45.85m
Earnings-US$87.11m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-2.94
Gross Margin-252.48%
Net Profit Margin-533.03%
Debt/Equity Ratio9.7%

How did BCYC perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is BCYC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BCYC?

Other financial metrics that can be useful for relative valuation.

BCYC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue20x
Enterprise Value/EBITDA-3.8x
PEG Ration/a

Price to Sales Ratio vs Peers

How does BCYC's PS Ratio compare to its peers?

BCYC PS Ratio vs Peers
The above table shows the PS ratio for BCYC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average12.3x
SGMO Sangamo Therapeutics
6.8x30.9%US$781.2m
EDIT Editas Medicine
27.1x45.2%US$861.1m
MNKD MannKind
12.4x34.7%US$810.6m
CHRS Coherus BioSciences
2.8x33.0%US$760.9m
BCYC Bicycle Therapeutics
40x60.5%US$653.5m

Price-To-Sales vs Peers: BCYC is expensive based on its Price-To-Sales Ratio (40x) compared to the peer average (12.3x).


Price to Earnings Ratio vs Industry

How does BCYC's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Sales vs Industry: BCYC is expensive based on its Price-To-Sales Ratio (40x) compared to the US Biotechs industry average (14x)


Price to Sales Ratio vs Fair Ratio

What is BCYC's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BCYC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio40x
Fair PS Ratio0.8x

Price-To-Sales vs Fair Ratio: BCYC is expensive based on its Price-To-Sales Ratio (40x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).


Share Price vs Fair Value

What is the Fair Price of BCYC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate BCYC's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate BCYC's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Bicycle Therapeutics forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-16.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BCYC is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: BCYC is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: BCYC is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: BCYC's revenue (60.5% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: BCYC's revenue (60.5% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BCYC is forecast to be unprofitable in 3 years.


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Past Performance

How has Bicycle Therapeutics performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-35.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BCYC is currently unprofitable.

Growing Profit Margin: BCYC is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BCYC is unprofitable, and losses have increased over the past 5 years at a rate of 35% per year.

Accelerating Growth: Unable to compare BCYC's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BCYC is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).


Return on Equity

High ROE: BCYC has a negative Return on Equity (-27.97%), as it is currently unprofitable.


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Financial Health

How is Bicycle Therapeutics's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: BCYC's short term assets ($408.5M) exceed its short term liabilities ($41.3M).

Long Term Liabilities: BCYC's short term assets ($408.5M) exceed its long term liabilities ($92.7M).


Debt to Equity History and Analysis

Debt Level: BCYC has more cash than its total debt.

Reducing Debt: Insufficient data to determine if BCYC's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BCYC has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: BCYC has sufficient cash runway for 2.4 years if free cash flow continues to reduce at historical rates of 20.7% each year.


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Dividend

What is Bicycle Therapeutics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Bicycle Therapeutics Dividend Yield vs Market
How does Bicycle Therapeutics dividend yield compare to the market?
SegmentDividend Yield
Company (Bicycle Therapeutics)n/a
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.5%
Industry Average (Biotechs)2.7%
Analyst forecast in 3 Years (Bicycle Therapeutics)n/a

Notable Dividend: Unable to evaluate BCYC's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BCYC's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BCYC's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BCYC's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as BCYC has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.9yrs

Average management tenure


CEO

Kevin Lee (53 yo)

7.08yrs

Tenure

US$4,465,319

Compensation

Dr. Kevin Lee, M.B.A., Ph D., has been Chief Executive Officer of Bicycle Therapeutics plc since September 2015. Dr. Lee joined Bicycle Therapeutics from Pfizer where he served as Senior Vice President and...


CEO Compensation Analysis

Kevin Lee's Compensation vs Bicycle Therapeutics Earnings
How has Kevin Lee's remuneration changed compared to Bicycle Therapeutics's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-US$87m

Mar 31 2022n/an/a

-US$78m

Dec 31 2021US$4mUS$677k

-US$67m

Sep 30 2021n/an/a

-US$66m

Jun 30 2021n/an/a

-US$62m

Mar 31 2021n/an/a

-US$56m

Dec 31 2020US$3mUS$592k

-US$51m

Sep 30 2020n/an/a

-US$38m

Jun 30 2020n/an/a

-US$37m

Mar 31 2020n/an/a

-US$35m

Dec 31 2019US$4mUS$517k

-US$31m

Sep 30 2019n/an/a

-US$33m

Jun 30 2019n/an/a

-US$31m

Mar 31 2019n/an/a

-US$26m

Dec 31 2018US$818kUS$386k

-US$22m

Compensation vs Market: Kevin's total compensation ($USD4.47M) is about average for companies of similar size in the US market ($USD3.98M).

Compensation vs Earnings: Kevin's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: BCYC's management team is considered experienced (3.9 years average tenure).


Board Members

Experienced Board: BCYC's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of BCYC?
Owner TypeNumber of SharesOwnership Percentage
General Public366,6181.2%
Individual Insiders892,1853.0%
Hedge Funds1,700,0005.7%
VC/PE Firms7,830,18326.4%
Institutions18,887,14163.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.3%.


Top Shareholders

Top 25 shareholders own 85.97% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.77%
Deep Track Capital, LP
2,900,000$63.9m56.25%3.19%
5.9%
Cambridge Innovation Capital Jersey Limited
1,751,437$38.6m0%no data
5.73%
Logos Global Management, L.P.
1,700,000$37.4m78.95%5.05%
5.45%
SR One Capital Management, LP
1,616,295$35.6m0%13.91%
5.27%
SV Health Investors, LLC
1,562,451$34.4m0%8.96%
4.87%
Point72 Asset Management, L.P.
1,445,000$31.8m-10.79%0.09%
4.63%
Janus Henderson Group plc
1,374,489$30.3m-18.8%0.02%
4.3%
RTW Investments, LP
1,276,276$28.1m0%0.61%
3.89%
Tybourne Capital Management (HK) Ltd.
1,154,126$25.4m0%1.94%
3.53%
Paradigm Biocapital Advisors LP
1,048,516$23.1m0%4.53%
3.51%
Samlyn Capital, LLC
1,040,239$22.9m143.88%0.46%
2.98%
Vertex Venture Management Pte. Ltd.
883,475$19.5m0%no data
2.88%
Eventide Asset Management, LLC
853,800$18.8m-32.42%0.39%
2.81%
Candriam Luxembourg S.A.
834,676$18.4m0%0.07%
2.77%
Morgan Stanley, Investment Banking and Brokerage Investments
821,197$18.1m834.06%no data
2.39%
FMR LLC
708,080$15.6m-11.9%no data
2.37%
First Light Asset Management, LLC
704,282$15.5m-20.88%1.63%
2.32%
Sio Capital Management, LLC
688,989$15.2m1205.2%5.62%
2.27%
Novartis Venture Funds
673,360$14.8m0%20.08%
1.56%
AXA Investment Managers S.A.
463,027$10.2m218.77%0.02%
1.42%
T. Rowe Price Group, Inc.
421,261$9.3m-38.58%no data
1.4%
Two Sigma Advisers, LP
415,200$9.1m222.36%0.03%
1.34%
Verition Fund Management LLC
399,023$8.8m197.33%0.22%
1.34%
Lee Kalowski
398,093$8.8m0%no data
1.28%
Two Sigma Investments, LP
380,654$8.4m114.67%0.03%

Company Information

Bicycle Therapeutics plc's employee growth, exchange listings and data sources


Key Information

  • Name: Bicycle Therapeutics plc
  • Ticker: BCYC
  • Exchange: NasdaqGS
  • Founded: 2009
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$653.468m
  • Shares outstanding: 29.68m
  • Website: https://www.bicycletherapeutics.com

Number of Employees


Location

  • Bicycle Therapeutics plc
  • Babraham Research Campus
  • Building 900
  • Cambridge
  • Cambridgeshire
  • CB22 3AT
  • United Kingdom


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BCYCNasdaqGS (Nasdaq Global Select)YesSPON ADS EACH REP 1 ORD SHSUSUSDMay 2019
50BADB (Deutsche Boerse AG)YesSPON ADS EACH REP 1 ORD SHSDEEURMay 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.