Bicara Therapeutics (NASDAQ:BCAX) Shares Down 8.7% After Earnings Miss

Bicara Therapeutics Inc. (NASDAQ:BCAX)’s share price dropped 8.7% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $13.08 and last traded at $12.95. Approximately 295,640 shares traded hands during trading, a decline of 39% from the average daily volume of 487,277 shares. The stock had previously closed at $14.19.

The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.28).

Wall Street Analyst Weigh In

BCAX has been the topic of several research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $13.01 target price on shares of Bicara Therapeutics in a research report on Thursday, March 13th. HC Wainwright decreased their price objective on Bicara Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Stifel Nicolaus set a $48.00 target price on shares of Bicara Therapeutics in a research note on Thursday, March 27th. Wells Fargo & Company initiated coverage on shares of Bicara Therapeutics in a research report on Thursday, April 17th. They issued an “underweight” rating and a $8.00 target price for the company. Finally, Wedbush restated an “outperform” rating and set a $31.00 price target on shares of Bicara Therapeutics in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bicara Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $32.43.

Institutional Trading of Bicara Therapeutics

Several hedge funds have recently made changes to their positions in the company. Red Tree Management LLC purchased a new position in Bicara Therapeutics in the fourth quarter worth approximately $55,230,000. Adage Capital Partners GP L.L.C. raised its position in Bicara Therapeutics by 171.9% in the fourth 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 purchasing an additional 1,375,265 shares during the period. Deep Track Capital LP lifted its stake in shares of Bicara Therapeutics by 151.0% in the 4th quarter. Deep Track Capital LP now owns 2,000,000 shares of the company’s stock valued at $34,840,000 after purchasing an additional 1,203,148 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Bicara Therapeutics by 1,457.9% during the 4th quarter. Vanguard Group Inc. now owns 1,090,528 shares of the company’s stock worth $18,997,000 after purchasing an additional 1,020,528 shares during the period. Finally, Foresite Capital Management VI LLC acquired a new stake in shares of Bicara Therapeutics during the 4th quarter worth about $16,549,000.

Bicara Therapeutics Trading Down 10.6%

The business has a 50-day moving average of $12.94 and a 200-day moving average of $15.46.

Bicara Therapeutics Company Profile

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.