Bicara Therapeutics (NASDAQ:BCAX) Shares Down 6.6% – Here’s What Happened

Bicara Therapeutics Inc. (NASDAQ:BCAX)’s share price was down 6.6% during mid-day trading on Tuesday . The stock traded as low as $12.94 and last traded at $12.89. Approximately 307,814 shares changed hands during trading, a decline of 30% from the average daily volume of 438,531 shares. The stock had previously closed at $13.80.

Analyst Upgrades and Downgrades

BCAX has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.01 price target on shares of Bicara Therapeutics in a report on Thursday, March 13th. HC Wainwright raised their price target on shares of Bicara Therapeutics from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Finally, Wedbush reissued an “outperform” rating and set a $31.00 price objective on shares of Bicara Therapeutics in a report on Wednesday, February 12th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bicara Therapeutics currently has an average rating of “Buy” and an average price target of $36.50.

Bicara Therapeutics Price Performance

The firm has a fifty day moving average price of $12.98.

Hedge Funds Weigh In On Bicara Therapeutics

Institutional investors have recently modified their holdings of the company. RA Capital Management L.P. bought a new stake in shares of Bicara Therapeutics in the third quarter worth about $177,169,000. Red Tree Management LLC purchased a new stake in shares of Bicara Therapeutics in the 4th quarter worth about $55,230,000. FMR LLC bought a new position in shares of Bicara Therapeutics during the third quarter valued at approximately $57,913,000. Adage Capital Partners GP L.L.C. increased its position in Bicara Therapeutics by 171.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,175,265 shares of the company’s stock valued at $37,893,000 after buying an additional 1,375,265 shares in the last quarter. Finally, Braidwell LP raised its stake in Bicara Therapeutics by 20.7% during the fourth quarter. Braidwell LP now owns 2,000,659 shares of the company’s stock valued at $34,851,000 after buying an additional 343,059 shares during the last quarter.

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.