The Manufacturers Life Insurance Company Acquires New Position in Bicara Therapeutics Inc. $BCAX

Key Points

• The Manufacturers Life Insurance Company acquired 72,174 Bicara Therapeutics shares worth approximately $2.14 million, representing about 0.11% of the company; several other institutional investors also increased their positions.
• Company insiders sold 108,000 shares worth roughly $3.08 million over the past 90 days, including sizable sales by the COO and CFO under pre-arranged Rule 10b5-1 plans.
• BCAX recently traded at $23.56, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.64; the company’s latest quarterly loss of $0.82 per share matched expectations.

The Manufacturers Life Insurance Company bought 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 and Exchange Commission. The institutional investor bought 72,174 shares of the company's stock, valued at approximately $2,143,000. The Manufacturers Life Insurance Company owned approximately 0.11% of Bicara Therapeutics as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BCAX. Legal & General Group Plc grew its stake in shares of Bicara Therapeutics by 64.1% in the second quarter. Legal & General Group Plc now owns 3,156 shares of the company's stock worth $29,000 after acquiring an additional 1,233 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Bicara Therapeutics by 419.3% during the second quarter. Tower Research Capital LLC TRC now owns 4,788 shares of the company's stock worth $44,000 after acquiring an additional 3,866 shares during the period. Larson Financial Group LLC raised its stake in shares of Bicara Therapeutics by 1,015.5% in the third quarter. Larson Financial Group LLC now owns 3,949 shares of the company's stock valued at $62,000 after acquiring an additional 3,595 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Bicara Therapeutics by 385.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,775 shares of the company's stock valued at $97,000 after acquiring an additional 4,585 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in Bicara Therapeutics in the second quarter valued at $103,000.

Insider Activity

In other news, COO Ryan Cohlhepp sold 28,214 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $28.98, for a total value of $817,641.72. Following the transaction, the chief operating officer owned 182,177 shares in the company, valued at approximately $5,279,489.46. This represents a 13.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ivan Hyep sold 28,000 shares of the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $28.85, for a total value of $807,800.00. Following the sale, the chief financial officer directly owned 129,855 shares in the company, valued at $3,746,316.75. This trade 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. In the last 90 days, insiders have sold 108,000 shares of company stock worth $3,079,236. 13.80% of the stock is currently owned by insiders.

Bicara Therapeutics Trading Up 0.6%

Shares of BCAX stock opened at $23.56 on Thursday. The firm has a fifty day moving average price of $26.61 and a 200 day moving average price of $22.61. The company has a market cap of $1.56 billion, a P/E ratio of -7.60 and a beta of -0.82. Bicara Therapeutics Inc. has a 12 month low of $10.30 and a 12 month high of $30.99.

Bicara Therapeutics (NASDAQ:BCAX - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.82) EPS for the quarter, meeting the consensus estimate of ($0.82). On average, equities analysts forecast that Bicara Therapeutics Inc. will post -3.45 EPS for the current year.

Wall Street Analyst Weigh In

BCAX has been the subject of several analyst reports. Morgan Stanley boosted their target price on Bicara Therapeutics from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. Wells Fargo & Company increased their price target on Bicara Therapeutics from $16.00 to $23.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 12th. BMO Capital Markets started coverage on Bicara Therapeutics in a research note on Tuesday, August 18th. They issued an "outperform" rating and a $35.00 price objective for the company. BTIG Research boosted their price objective on Bicara Therapeutics from $28.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Mizuho boosted their price objective on Bicara Therapeutics from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.64.

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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