Bicara Therapeutics (NASDAQ:BCAX) Stock Jumps 12.7% – Here’s What Happened

Shares of Bicara Therapeutics Inc. (NASDAQ:BCAX) were up 12.7% during trading on Tuesday. The company traded as high as $8.72 and last traded at $8.9340. 121,931 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 732,956 shares. The stock had previously closed at $7.93.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BCAX. The Goldman Sachs Group cut shares of Bicara Therapeutics from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $20.00 to $8.00 in a research report on Friday. Benchmark reissued a “buy” rating on shares of Bicara Therapeutics in a report on Thursday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bicara Therapeutics in a research note on Thursday, September 10th. BMO Capital Markets began coverage on shares of Bicara Therapeutics in a report on Tuesday, August 18th. They issued an “outperform” rating and a $35.00 price target for the company. Finally, Citigroup restated a “market outperform” rating on shares of Bicara Therapeutics in a report on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.91.

Bicara Therapeutics Trading Up 17.6%

The stock’s 50-day moving average price is $19.42 and its 200-day moving average price is $21.11. The company has a market cap of $617.06 million, a P/E ratio of -3.01 and a beta of -0.70.

Bicara Therapeutics (NASDAQ:BCAX) last issued its earnings results on Tuesday, August 11th. The company reported ($0.82) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.82). On average, research analysts anticipate that Bicara Therapeutics Inc. will post -3.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Bicara Therapeutics

In other Bicara Therapeutics news, CFO Ivan Hyep sold 12,500 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $27.97, for a total value of $349,625.00. Following the completion of the transaction, the chief financial officer owned 129,855 shares in the company, valued at $3,632,044.35. This represents a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Claire Mazumdar sold 10,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $27.98, for a total value of $279,800.00. Following the sale, the chief executive officer directly owned 362,152 shares of the company’s stock, valued at approximately $10,133,012.96. This represents a 2.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 58,750 shares of company stock worth $1,554,800 in the last quarter. 13.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bicara Therapeutics

A number of hedge funds have recently modified their holdings of BCAX. Sterling Capital Management LLC boosted its stake in Bicara Therapeutics by 457.0% in the 3rd quarter. Sterling Capital Management LLC now owns 1,387 shares of the company’s stock worth $26,000 after purchasing an additional 1,138 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Bicara Therapeutics during the third quarter valued at about $63,000. Arizona State Retirement System purchased a new position in Bicara Therapeutics during the second quarter valued at approximately $241,000. Susquehanna Fundamental Investments LLC purchased a new position in Bicara Therapeutics during the second quarter valued at approximately $272,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Bicara Therapeutics by 15.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 12,074 shares of the company’s stock worth $224,000 after acquiring an additional 1,617 shares during the period.

About Bicara Therapeutics

Bicara Therapeutics Inc is a clinical-stage biotechnology company developing bifunctional therapies for the treatment of solid tumors. The company’s approach is designed to combine tumor-targeting activity with immune-system modulation in a single therapeutic candidate.

Bicara’s lead product candidate is ficerafusp alfa, also known as BCA101. The investigational therapy is designed to target epidermal growth factor receptor (EGFR) on cancer cells while simultaneously trapping transforming growth factor beta (TGF-?), a signaling protein that can contribute to tumor growth and immune suppression.