Bicycle Therapeutics

BCYC • NASDAQ

Bicycle Therapeutics is a pharmaceutical preparations company on NASDAQ. As of Q3 2025, 91 institutional investors hold shares in this company, with total holdings valued at $262.6M. BAKER BROS. ADVISORS LP is the largest holder with a position valued at $84.3M.

PHARMACEUTICAL PREPARATIONS

Employees284.0

Websitebicycletherapeutics.com

Country

United States of America

Overview

Overview of institutional ownership in BCYC as of Q3 2025

All Institutions

Institutions: 91
Value Held: $262.6M
Shares Held: 33.9M
Avg Position: $2.9M
Median Position: $116.1K

Hedge Funds

Hedge Funds: 19
Value Held: $145.7M
Shares Held: 18.8M
Avg Position: $7.7M
Median Position: $1.4M

Biggest Investors

Institutions with the largest positions in BCYC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	Scott Lawrence Lessing President	$84.3M 0.78% of portfolio	0.00% 10.9M shares	Q4 2022 Held for 2y 11m	$10.8B
FCPM III SERVICES B.V. Real Assets	Andrew David Lindner Managing Partner	$26.7M 5.34% of portfolio	0.00% 3.5M shares	Q2 2024 Held for 1y 5m	$500.4M
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	Steven Joseph Boyd Managing Partner	$23.0M 0.73% of portfolio	0.00% 3.0M shares	Q3 2025 Held for 2 months	$3.2B
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	William Albert Muggia CEO	$22.9M 0.10% of portfolio	0.00% 3.0M shares	Q4 2023 Held for 1y 11m	$23.8B
S Siren, L.L.C. Institution	-	$15.6M 0.65% of portfolio	0.00% 2.0M shares	Q4 2024 Held for 11 months	$2.4B
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	John Byron Helmers CEO	$11.0M 0.64% of portfolio	0.00% 1.4M shares	Q4 2024 Held for 11 months	$1.7B
Candriam Luxembourg S.C.A. Long Only Manager	Vincent Leopold Hamelink CEO	$9.1M 0.05% of portfolio	0.00% 1.2M shares	Q4 2022 Held for 2y 11m	$19.0B
PRINCIPAL FINANCIAL GROUP INC Institution	Deanna Strable CEO	$8.9M 0.00% of portfolio	0.00% 1.1M shares	Q3 2024 Held for 1y 2m	$197.71B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$8.2M 0.01% of portfolio	0.00% 1.1M shares	Q2 2023 Held for 2y 5m	$121.98B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$6.4M 0.00% of portfolio	0.00% 822.7K shares	Q4 2022 Held for 2y 11m	$1.65T

Net Capital Flow

Institutional buying and selling activity for BCYC in Q3 2025

Traded: −$2.4M
Buyers: 47
Sellers: 35
Total Bought: +$38.5M
Total Sold: −$40.9M
Avg Position: $2.3M

Biggest Buyers

Institution	Net Bought	Current Position
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	+$23.0M +178.0K shares	$23.0M 3.0M shares
PRINCIPAL FINANCIAL GROUP INC Institution	+$3.5M +451.1K shares	$8.9M 1.1M shares
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	+$1.6M +211.3K shares	$3.7M 477.0K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$1.6M +200.3K shares	$4.0M 518.7K shares
WESTFIELD CAPITAL MANAGEMENT CO LP Long Only Manager	+$1.3M +172.1K shares	$22.9M 3.0M shares
B Birchview Capital, LP Hedge Fund•Value	+$1.2M +154.0K shares	$1.2M 154.0K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$993.3K +128.3K shares	$1.4M 184.5K shares
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	+$784.9K +101.4K shares	$11.0M 1.4M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$669.5K +86.5K shares	$1.2M 156.7K shares
J JANE STREET GROUP, LLC Institution	+$618.1K +79.9K shares	$793.0K 102.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$10.4M −1.3M shares	$3.3M 430.9K shares
Deep Track Capital, LP Hedge Fund•Long/Short	−$8.4M −1.2M shares	Sold Off 0 shares
T TYBOURNE CAPITAL MANAGEMENT HK LTD Institution	−$6.9M −993.7K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$3.0M −388.9K shares	$8.2M 1.1M shares
Woodline Partners LP Hedge Fund•Long/Short	−$2.5M −362.3K shares	Sold Off 0 shares
A AXA Institution	−$1.9M −280.2K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$1.9M −239.1K shares	$4.6M 591.5K shares
MORGAN STANLEY RIA/Wealth	−$1.7M −214.4K shares	$6.4M 822.7K shares
UBS OCONNOR LLC Long Only Manager	−$999.4K −143.8K shares	Sold Off 0 shares
PLATINUM INVESTMENT MANAGEMENT LTD Long Only Manager	−$780.0K −100.8K shares	$1.4M 184.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BCYC in Q3 2025

New Positions: 8
New Value: $24.4M
Exited Positions: 21
Exited Value: $22.0M

New Positions

Institution	Position Value
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	$23.0M 3.0M shares
B Birchview Capital, LP Hedge Fund•Value	$1.2M 154.0K shares
JustInvest LLC Long Only Manager	$100.3K 13.0K shares
BARCLAYS PLC Institution	$17.6K 2.3K shares
Janney Montgomery Scott LLC RIA/Wealth	- - shares
S SIMPLEX TRADING, LLC Institution	- - shares
Soleus Capital Management, L.P. Hedge Fund•Long/Short	- - shares
B BNP Paribas Investment Partners S.A. Institution	- - shares

Exited Positions

Institution	Previous Position
Deep Track Capital, LP Hedge Fund•Long/Short	$8.4M 1.2M shares
T TYBOURNE CAPITAL MANAGEMENT HK LTD Institution	$6.9M 993.7K shares
Woodline Partners LP Hedge Fund•Long/Short	$2.5M 362.3K shares
A AXA Institution	$1.9M 280.2K shares
UBS OCONNOR LLC Long Only Manager	$999.4K 143.8K shares
GOLDMAN SACHS GROUP INC Institution	$363.2K 52.3K shares
S Skandinaviska Enskilda Banken AB Institution	$296.5K 42.7K shares
SUNRISE PARTNERS LIMITED PARTNERSHIP /CT Hedge Fund•Multi-Strategy	$272.8K 39.3K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$189.7K 27.3K shares
Ausdal Financial Partners, Inc. RIA/Wealth	$69.5K 10.0K shares

Options Activity

Institutions with the largest Call and Put options positions in BCYC as of Q3 2025

Call Positions: 5
Call Value: $229.1K
Put Positions: 3
Put Value: $28.6K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$163.3K 211.0 contracts
Walleye Trading LLC RIA/Wealth	$65.8K 85.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
UBS OCONNOR LLC Long Only Manager	- - contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
Walleye Trading LLC RIA/Wealth	$28.6K 37.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Most Committed Institutions

Institutions with BCYC as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
FCPM III SERVICES B.V. Real Assets	Andrew David Lindner Managing Partner	5.34% $26.7M	0.00% 3.5M shares	Q2 2024 Held for 1y 5m	$500.4M
N Nan Fung Group Holdings Ltd Institution	-	0.98% $533.6K	0.00% 68.9K shares	Q2 2024 Held for 1y 5m	$54.3M
R Rangeley Capital, LLC Hedge Fund•Event Driven	Christopher Clay Demuth Jr. Managing Partner	0.95% $1.0M	0.00% 130.0K shares	Q2 2025 Held for 5 months	$105.5M
B Birchview Capital, LP Hedge Fund•Value	Matthew William Strobeck CIO	0.92% $1.2M	0.00% 154.0K shares	Q3 2025 Held for 2 months	$130.3M
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	Scott Lawrence Lessing President	0.78% $84.3M	0.00% 10.9M shares	Q4 2022 Held for 2y 11m	$10.8B
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	Steven Joseph Boyd Managing Partner	0.73% $23.0M	0.00% 3.0M shares	Q3 2025 Held for 2 months	$3.2B
S Siren, L.L.C. Institution	-	0.65% $15.6M	0.00% 2.0M shares	Q4 2024 Held for 11 months	$2.4B
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	John Byron Helmers CEO	0.64% $11.0M	0.00% 1.4M shares	Q4 2024 Held for 11 months	$1.7B
M MONIMUS CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	Brian Jeffrey Bellinger Managing Partner	0.51% $659.6K	0.00% 85.2K shares	Q2 2025 Held for 5 months	$130.6M
P Palo Alto Investors, LLC Hedge Fund•Long/Short	Angela Elizabeth Nguyen-Dinh CCO	0.32% $1.7M	0.00% 221.1K shares	Q3 2024 Held for 1y 2m	$540.4M

Hedge Fund Spotlight

Discover hedge funds investing in BCYC

Rangeley Capital, LLC

Hedge Fund • Event Driven

Portfolio ManagerChristopher Clay Demuth Jr.

Portfolio Value: $105.5M
Positions: 115
Last Reported: Q3 2025

Sector Allocation

Position in Bicycle Therapeutics

Market Value: $1.0M
Shares Held: 130.0K
Portfolio Weight: 0.95%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Delek US Holdings DK	Oil & Gas Refining & Marketing Energy	$6.6M	6.30%
2 Calumet, Inc. CLMT	Oil & Gas Exploration & Production Energy	$6.0M	5.72%
3 Arvinas ARVN	Biotechnology Healthcare	$5.9M	5.61%