IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
© 2026 Blank Capital Research. All rights reserved. System Version: Aegis V8 (God Mode).
Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#4383
Positioning
Market Dominance
Manufacturing
Pharmaceutical Products
$536M
Kevin Lee
Bicycle Therapeutics plc 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 is developing THR-149, a plasma kallikrein inhibitor that completed Phase II clinical trials for the treatment of diabetic macular edema. BT7480, a Bicycle tumor-targeted immune cell agonist (TICA) targeting Nectin-4 and agonizing; BT
Headcount
240
HQ Base
CAMBRIDGE,
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$BCYC BICYCLE THERAPEUTICS PLC | 32 | 35 | 25 | 19 | - | - | -40.4% | -32.7% | 100.0% | -1653.5% | -1428.7% | 25.4% | 0.0% | 24.0x | $536M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
BICYCLE THERAPEUTICS PLC (BCYC) receives a "Avoid" rating with a composite score of 31.9/100. It ranks #4383 out of 7,333 stocks in our coverage universe and carries a 1-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
Sign in to join the discussion.
YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
Lagging peers — losers tend to keep underperforming
Expensive relative to fundamentals — limited margin of safety
Average quality profile
Average volatility — neutral timing signal
Moderate investment profile
Below-average composite — caution warranted
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for BCYC.
View All RatingsMaterial decline in asset turnover efficiency detected
High margin volatility — erratic forensic earnings quality
Kevin Lee
Chief Executive Officer
Labor Force
240
35
38
51
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for BCYC
ROE proxy -40.4% (sector -2.5%)
GM 100% vs sector 43%, OM -1653% vs sector 1%
Capital turnover N/A, R&D intensity 765.3%
Rev growth 25%, 7yr history
Interest coverage -1489.8x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our quantitative model flags BICYCLE THERAPEUTICS PLC with an Avoid rating, assigning a composite score of 31.9/100 and 1 out of 5 stars. Ranked #4383 of 7,333 stocks, BCYC falls in the bottom tier across key factors. Historically, stocks with this profile have faced elevated risk of underperformance and capital loss.
BCYC's quality score of 35/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -40.4% (sector avg: -2.5%), gross margins of 100.0% (sector avg: 42.5%), net margins of -1428.7% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
BCYC registers a value score of just 25/100, suggesting the stock trades at a significant premium to its fundamental metrics. Key valuation metrics include a P/B ratio of 0.60x. High-premium valuations like this require strong future execution to avoid multiple compression, and downside risk is elevated if growth disappoints.
BICYCLE THERAPEUTICS PLC's investment score of 38/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 25.4% vs. a sector average of 5.9% and a return on assets of -32.7% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
BICYCLE THERAPEUTICS PLC is experiencing notably weak momentum with a score of just 19/100. The stock has underperformed its peers and is trending below major moving averages. Revenue growth stands at 25.4% year-over-year, while a beta of 1.17 reflects its sensitivity to broader market moves. While deep momentum weakness can occasionally present value opportunities, it often reflects deteriorating fundamentals or structural headwinds that may persist.
With a stability score of 51/100, BCYC exhibits average financial resilience. Key stability metrics include a beta of 1.17 and a debt-to-equity ratio of 24.00x (sector avg: 0.2x). While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
BICYCLE THERAPEUTICS PLC's short interest score of 26/100 reveals significant bearish positioning, suggesting institutional investors are actively betting against the stock. Specific risk factors include elevated leverage (D/E: 24.00x), small-cap liquidity risk. At $536M (small-cap), BCYC carries meaningful risk and is best suited for investors with high risk tolerance who have thoroughly evaluated the bear thesis.
BICYCLE THERAPEUTICS PLC is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #4383 of 7,333 overall (40th percentile). Key comparisons include ROE of -40.4% trailing the -2.5% sector median and operating margins of -1653.5% below the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While BCYC currently exhibits a AVOID profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
Upgrade catalyst
Improvement in Momentum (19) would have the largest impact on the composite score.
ROE 1527% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 135% ABOVE SECTOR MEDIAN (FAVORABLE)
Op. Margin 128278% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate BICYCLE THERAPEUTICS PLC (BCYC) as Avoid with a composite score of 31.9/100 at a current price of $5.65. The stock falls in the bottom quintile of our universe across key quantitative factors, and the multi-factor weakness suggests a high probability of continued underperformance.
The rating is primarily driven by strength in stability (51th percentile) and investment (38th percentile), which together account for the majority of the composite score. Offsetting weakness in momentum (19th percentile) and value (25th percentile) tempers our overall conviction. We assign a Narrow Moat rating (40/100), Medium uncertainty, and Poor capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs; sustainability of the current growth rate; the path to profitability. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
BICYCLE THERAPEUTICS PLC holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 31.9/100 places it at rank #4383 in our full 7,333-stock universe. At $536M in market capitalization, BICYCLE THERAPEUTICS PLC is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue is growing at 25%, though momentum at the 19th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 100% (+57.5pp vs sector) narrow to operating margins of -1653% (-1654.8pp vs sector) and net margins of -1428.7%, yielding a gross-to-net conversion rate of -1429%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $5.65, BICYCLE THERAPEUTICS PLC is trading at a premium to fundamental value. Our value factor score of 25/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. The premium valuation implies the market is pricing in significant future growth or quality improvements that are not yet fully reflected in current fundamentals.
The stock currently trades at P/B of 0.6x, P/S of 13.6x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
Gross margins of 100% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
Revenue growth of 25% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
A conservative balance sheet (24% D/E) provides financial flexibility for acquisitions, buybacks, or weathering economic downturns without dilution.
The Avoid rating (composite 31.9/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Thin net margins of -1428.7% provide limited cushion against cost pressures, competitive pricing, or macroeconomic headwinds — even small changes in costs could swing the company to a loss.
We assign a Medium uncertainty rating to BICYCLE THERAPEUTICS PLC. The stock presents a balanced risk profile: current negative profitability (net margin -1428.7%). While not risk-free, the core business fundamentals are adequate to withstand moderate economic stress, and the range of potential outcomes around our fair value estimate is manageable.
Specific risk factors that inform our assessment include: current negative profitability (net margin -1428.7%). Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 51th percentile and quality factor at the 35th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: healthy gross margins of 100% provide a buffer against cost pressures; conservative leverage (24% D/E) limits balance sheet risk. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate BICYCLE THERAPEUTICS PLC's capital allocation as Poor. Key concerns include low returns on equity (-40.4%), negative profitability, weak asset returns (ROA -32.7%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — BICYCLE THERAPEUTICS PLC significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, BICYCLE THERAPEUTICS PLC receives a Avoid rating with a composite score of 31.9/100 (rank #4383 of 7,333). Our quantitative framework assigns a Narrow Moat (40/100, trend: stable), Medium uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 34/100.
Our analysis does not support a constructive view on BICYCLE THERAPEUTICS PLC at this time. The combination of the current quantitative profile, medium uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We assign BICYCLE THERAPEUTICS PLC a Narrow Moat rating with a composite moat score of 40/100. The company possesses identifiable competitive advantages, though they are less entrenched than those of wide-moat peers. Our analysis indicates that BICYCLE THERAPEUTICS PLC can sustain above-average returns on invested capital for at least 10 years, with the strongest contributor being margin superiority at 12.9/20.
The strongest moat sources are margin superiority (12.9/20) and growth durability (11/20). GM 100% vs sector 43%, OM -1653% vs sector 1%. Rev growth 25%, 7yr history. These pillars form the core of BICYCLE THERAPEUTICS PLC's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (2.5/20) and financial resilience (6.2/20). ROE proxy -40.4% (sector -2.5%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect BICYCLE THERAPEUTICS PLC's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 100% providing a solid profitability foundation, robust top-line growth of 25% expanding the revenue base. The margin cascade from 100% gross to -1653% operating to -1428.7% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality raises some durability concerns, with the quality factor at the 35th percentile.
The margin profile shows gross margins of 100%, operating margins of -1653%, net margins of -1428.7%. Return metrics include ROE of -40.4% and ROA of -32.7%. Relative to the Manufacturing sector, gross margins are 57.5 percentage points above the sector median of 43%, and ROE of -40.4% compares to a sector median of -2.5%.
The balance sheet reflects a conservatively managed balance sheet with D/E of 24%, revenue growth of 25%. The sector median D/E is 0%, putting BICYCLE THERAPEUTICS PLC at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Weak momentum (19th percentile) suggests institutional selling pressure and unfavorable technical dynamics that may persist.
Above 50MA
37.18%
Net New Highs
+51081
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...
CAMBRIDGE, England & BOSTON, February 03, 2026--Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, today announced leadership transitions for its next phase of innovation.
CAMBRIDGE, England & BOSTON, January 12, 2026--Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, today highlights 2025 accomplishments and strategic priorities for 2026.
Anyone interested in Bicycle Therapeutics plc ( NASDAQ:BCYC ) should probably be aware that the CEO & Executive...
Bicycle Therapeutics (BCYC) gains 10% upon entering a PIPE financing agreement with multiple institutional investors, which is expected to generate gross proceeds of $555 million.