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

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

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.01 price objective on shares of Bicara Therapeutics in a research report on Thursday, March 13th. Wells Fargo & Company began coverage on Bicara Therapeutics in a research report on Thursday, April 17th. They set an “underweight” rating and a $8.00 price target on the stock. HC Wainwright lowered their price objective on Bicara Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Stifel Nicolaus set a $48.00 target price on Bicara Therapeutics in a research note on Thursday, March 27th. Finally, Wedbush reaffirmed an “outperform” rating and set a $31.00 target price on shares of Bicara Therapeutics in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bicara Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $32.43.

Institutional Trading of Bicara Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Bicara Therapeutics in the first quarter worth about $326,000. Jefferies Financial Group Inc. acquired a new position in Bicara Therapeutics in the 1st quarter worth about $399,000. XTX Topco Ltd boosted its position in Bicara Therapeutics by 4.1% during the first quarter. XTX Topco Ltd now owns 28,453 shares of the company’s stock worth $371,000 after purchasing an additional 1,119 shares in the last quarter. Federated Hermes Inc. boosted its position in Bicara Therapeutics by 50.0% during the first quarter. Federated Hermes Inc. now owns 12,000 shares of the company’s stock worth $156,000 after purchasing an additional 4,000 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in Bicara Therapeutics by 27.8% in the first quarter. TD Asset Management Inc now owns 130,938 shares of the company’s stock valued at $1,706,000 after purchasing an additional 28,518 shares during the period.

Bicara Therapeutics Price Performance

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

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.