Bicara Therapeutics (NASDAQ:BCAX) Trading Up 8.1% Following Strong Earnings

Key Points

• Bicara Therapeutics saw an 8.1% increase in stock price, trading at $10.80 after closing at $9.99, although trading volume dropped by 95% from its average.
• Analyst ratings for Bicara Therapeutics are mixed, with one analyst giving a sell rating and another an outperform rating, while the average price target remains at $31.86.
• The company reported a loss of ($0.68) EPS for the last quarter, missing analysts' expectations by ($0.28), and forecasts a projected earnings per share of -2.59 for the current fiscal year.

Bicara Therapeutics Inc. (NASDAQ:BCAX - Get Free Report) was up 8.1% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $10.24 and last traded at $10.80. Approximately 33,423 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 610,307 shares. The stock had previously closed at $9.99.

The company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.04.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Bicara Therapeutics from an "underweight" rating to an "equal weight" rating and set a $8.00 price objective on the stock in a report on Friday, May 23rd. Wedbush restated an "outperform" rating and set a $30.00 price objective on shares of Bicara Therapeutics in a report on Tuesday. Wall Street Zen downgraded shares of Bicara Therapeutics from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, HC Wainwright reduced their target price on shares of Bicara Therapeutics from $44.00 to $41.00 and set a "buy" rating for the company in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $31.86.

Hedge Funds Weigh In On Bicara Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in BCAX. California State Teachers Retirement System purchased a new position in Bicara Therapeutics in the 4th quarter worth about $25,000. BNP Paribas Financial Markets purchased a new position in Bicara Therapeutics in the 4th quarter worth about $32,000. Legal & General Group Plc purchased a new position in Bicara Therapeutics in the 4th quarter worth about $33,000. Summit Investment Advisors Inc. purchased a new position in Bicara Therapeutics in the 4th quarter worth about $35,000. Finally, CWM LLC purchased a new position in Bicara Therapeutics in the 1st quarter worth about $29,000.

Bicara Therapeutics Stock Performance

The stock has a 50-day simple moving average of $10.43 and a two-hundred day simple moving average of $11.95. The firm has a market cap of $635.08 million and a PE ratio of -3.67.

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.