Bank of New York Mellon Corp Purchases New Stake in Bicara Therapeutics Inc. $BCAX

Key Points

• Bank of New York Mellon acquired 120,666 BCAX shares worth approximately $3.6 million, joining several other institutional investors that increased or initiated positions in Bicara Therapeutics.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $32.64; recent targets range from $20 to $42.
• BCAX opened at $23.17, while company insiders sold a combined 108,000 shares worth about $3.1 million over the past quarter under pre-arranged trading plans.

Bank of New York Mellon Corp acquired a new position in shares of Bicara Therapeutics Inc. (NASDAQ:BCAX - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 120,666 shares of the company's stock, valued at approximately $3,583,000. Bank of New York Mellon Corp owned approximately 0.18% of Bicara Therapeutics as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BCAX. AQR Capital Management LLC acquired a new position in shares of Bicara Therapeutics in the 1st quarter valued at approximately $248,000. Woodline Partners LP boosted its position in shares of Bicara Therapeutics by 26.5% during the 1st quarter. Woodline Partners LP now owns 348,690 shares of the company's stock worth $4,543,000 after acquiring an additional 72,998 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bicara Therapeutics by 36.8% during the 2nd quarter. Geode Capital Management LLC now owns 672,485 shares of the company's stock worth $6,248,000 after acquiring an additional 180,833 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Bicara Therapeutics by 26.0% in the second quarter. JPMorgan Chase & Co. now owns 27,458 shares of the company's stock valued at $255,000 after acquiring an additional 5,664 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Bicara Therapeutics by 64.1% in the second quarter. Legal & General Group Plc now owns 3,156 shares of the company's stock valued at $29,000 after acquiring an additional 1,233 shares during the last quarter.

Analysts Set New Price Targets

BCAX has been the subject of several recent analyst reports. Mizuho upped their target price on Bicara Therapeutics from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bicara Therapeutics in a research note on Monday, July 6th. Wall Street Zen raised Bicara Therapeutics from a "strong sell" rating to a "sell" rating in a report on Sunday, May 24th. BMO Capital Markets initiated coverage on Bicara Therapeutics in a research report on Tuesday, August 18th. They set an "outperform" rating and a $35.00 price objective for the company. Finally, Guggenheim started coverage on Bicara Therapeutics in a research note on Monday, May 11th. They issued a "buy" rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.64.

Bicara Therapeutics Price Performance

BCAX stock opened at $23.17 on Monday. The company has a 50 day simple moving average of $26.48 and a 200 day simple moving average of $22.74. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -7.47 and a beta of -0.82. Bicara Therapeutics Inc. has a 1 year low of $10.30 and a 1 year high of $30.99.

Bicara Therapeutics (NASDAQ:BCAX - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($0.82) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.82). On average, equities research analysts anticipate that Bicara Therapeutics Inc. will post -3.45 EPS for the current fiscal year.

Insider Activity at Bicara Therapeutics

In related news, COO Ryan Cohlhepp sold 28,214 shares of the business's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $28.98, for a total transaction of $817,641.72. Following the transaction, the chief operating officer owned 182,177 shares in the company, valued at $5,279,489.46. The trade was a 13.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ivan Hyep sold 28,000 shares of the company's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $28.85, for a total transaction of $807,800.00. Following the transaction, the chief financial officer owned 129,855 shares in the company, valued at $3,746,316.75. This represents a 17.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 108,000 shares of company stock worth $3,079,236 over the last quarter. Company insiders own 13.80% of the company's stock.

About Bicara Therapeutics

Bicara Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing novel neurohormone-based therapies for psychiatric and neurological disorders. The company's research focuses on harnessing endogenous signaling pathways in the brain, with the goal of offering new treatment options for conditions that remain inadequately addressed by existing medications. Bicara applies proprietary peptide engineering and intranasal delivery platforms to optimize central nervous system uptake and therapeutic effect.

The company's lead candidates include PST-001, an intranasal vasopressin-1A receptor antagonist in development for postpartum depression, and PST-002, an oxytocin receptor modulator being investigated for social anxiety and autism spectrum disorder.

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