👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Bicycle therapeutics executive sells shares to cover tax obligations

Published 10/04/2024, 04:51 PM
BCYC
-

In a recent transaction, Travis Alvin Thompson, the Chief Accounting Officer of Bicycle Therapeutics PLC (NASDAQ:BCYC), sold shares of the company to cover tax obligations related to the vesting of restricted stock units (RSUs). The sale, which was not discretionary but required by the award agreement, involved a total of 153 ordinary shares at an average price of $22.26 per share, amounting to a total of $3,405.

The shares were sold on October 3, 2024, as part of a "sell to cover" transaction to satisfy statutory tax withholding requirements. According to the details provided, the shares were sold in multiple transactions with prices ranging from $21.91 to $22.56. Following the sale, Thompson's ownership in the company stands at 22,922 ordinary shares.

The transaction was disclosed in a mandatory filing with the Securities and Exchange Commission. Bicycle Therapeutics PLC, based in Cambridge, UK, operates in the pharmaceutical preparations industry and is known for its work in life sciences. This recent transaction provides insight into the financial activities of one of its top executives and is part of the routine financial disclosures required by company insiders.

In other recent news, Bicycle Therapeutics has seen significant developments in its clinical trials and financial position. The company's drug candidate, zele, showed a 45% unconfirmed objective response rate (uORR) in a presentation at the European Society for Medical Oncology (ESMO) congress, marginally higher than competitor drug Padcev's 42-44% uORR. The duration of response (DOR) of zele was reported to be 50% greater than that of Padcev. TD Cowen maintained a Buy rating on Bicycle Therapeutics following this data presentation, noting zele's distinct safety profile.

The company's drug candidate BT5528 also received positive remarks, particularly at higher doses where a 45% objective response rate (ORR) was observed. Furthermore, Bicycle Therapeutics is exploring a combination therapy involving BT5528 and nivolumab, with data on this combination expected to be released in 2025.

However, B.Riley downgraded the company's stock from Buy to Neutral, citing potential clinical trial execution risks and competitive pressures. Despite these concerns, Bicycle Therapeutics secured approximately $555 million through PIPE financing, extending its financial runway into the second half of 2027. H.C. Wainwright reaffirmed its Buy rating on the company, highlighting the potential of the company's radiopharma programs, including BT8009.

InvestingPro Insights

To provide additional context to the recent insider transaction at Bicycle Therapeutics PLC (NASDAQ:BCYC), let's examine some key financial metrics and insights from InvestingPro.

As of the latest data, Bicycle Therapeutics has a market capitalization of $1.53 billion. Despite the recent share sale by the Chief Accounting Officer, which was non-discretionary, the company's stock has shown resilience. InvestingPro data reveals that BCYC has delivered a strong return over the last five years, with a year-to-date price total return of 22.79% as of the most recent trading day.

However, investors should note that Bicycle Therapeutics is currently not profitable. The company reported a negative gross profit of $121 million for the last twelve months as of Q2 2024, with a gross profit margin of -305.76%. This aligns with an InvestingPro Tip indicating that BCYC suffers from weak gross profit margins.

On a positive note, another InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, suggesting a solid financial position despite its current lack of profitability. This is further supported by the fact that BCYC's liquid assets exceed its short-term obligations.

For those interested in a deeper analysis, InvestingPro offers 7 additional tips for Bicycle Therapeutics, providing a more comprehensive view of the company's financial health and prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.