Bicara Therapeutics (NASDAQ:BCAX) Shares Up 7.8% - Here's What Happened

Key Points

• Bicara Therapeutics' shares increased by 7.8% on Wednesday, trading as high as $11.40, with a volume of 393,510 shares exchanged.
• Wall Street analysts generally maintain a positive outlook, with Piper Sandler issuing an "overweight" rating and a price target of $36.00, reflecting a consensus price target of $32.25.
• Institutional investors have heavily invested in Bicara Therapies, with significant boosts from firms like Vestal Point Capital, which increased its holdings by 80.6%.

Bicara Therapeutics Inc. (NASDAQ:BCAX - Get Free Report)'s stock price shot up 7.8% during mid-day trading on Wednesday . The company traded as high as $11.40 and last traded at $11.32. 393,510 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 562,459 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BCAX. Piper Sandler started coverage on Bicara Therapeutics in a research note on Monday, August 18th. They issued an "overweight" rating and a $36.00 price objective on the stock. HC Wainwright lowered their price objective on Bicara Therapeutics from $41.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, August 22nd. Finally, Wedbush reaffirmed an "outperform" rating and set a $30.00 price objective on shares of Bicara Therapeutics in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $32.25.

Bicara Therapeutics Trading Up 5.4%

The company has a market capitalization of $603.98 million and a PE ratio of -3.48. The business's fifty day moving average is $11.39 and its two-hundred day moving average is $11.64.

Bicara Therapeutics (NASDAQ:BCAX - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.54) by $0.04. As a group, equities research analysts anticipate that Bicara Therapeutics Inc. will post -2.59 EPS for the current year.

Institutional Investors Weigh In On Bicara Therapeutics

A number of hedge funds have recently modified their holdings of BCAX. Vestal Point Capital LP grew its position in shares of Bicara Therapeutics by 80.6% during the 2nd quarter. Vestal Point Capital LP now owns 5,000,000 shares of the company's stock valued at $46,450,000 after acquiring an additional 2,231,025 shares during the period. Wellington Management Group LLP boosted its holdings in Bicara Therapeutics by 84.0% in the 1st quarter. Wellington Management Group LLP now owns 1,394,676 shares of the company's stock worth $18,173,000 after buying an additional 636,708 shares during the period. Bank of America Corp DE boosted its holdings in Bicara Therapeutics by 2,351.0% in the 2nd quarter. Bank of America Corp DE now owns 451,228 shares of the company's stock worth $4,192,000 after buying an additional 432,818 shares during the period. Artisan Partners Limited Partnership bought a new position in Bicara Therapeutics in the 2nd quarter worth $3,742,000. Finally, Schroder Investment Management Group boosted its holdings in Bicara Therapeutics by 921.0% in the 2nd quarter. Schroder Investment Management Group now owns 425,341 shares of the company's stock worth $3,951,000 after buying an additional 383,681 shares during the period.

About Bicara Therapeutics

Bicara Therapeutics Inc, a clinical-stage biopharmaceutical company, develops bifunctional therapies for solid tumors. Its lead program is ficerafusp alfa, a bifunctional antibody that combines an epidermal growth factor receptor (EGFR) directed monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-b) for the treatment of solid tumors.

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