Bank of America just raised its EUR/USD forecast
On Friday, H.C. Wainwright analyst Robert Burns adjusted the price target for Bicara Therapeutics Inc (NASDAQ:BCAX) to $41.00, a decrease from the previous $44.00, while reaffirming a Buy rating on the stock. The stock, currently trading at $14.47, has shown strong momentum with an 11.57% gain over the past week. According to InvestingPro data, analyst targets range from $8 to $48, with the consensus maintaining a bullish outlook. The revision comes as the market anticipates the forthcoming data update at the American Society of Clinical Oncology (ASCO) meeting scheduled for early June 2025.
Burns highlighted the expected presentation of updated clinical results from the ongoing Phase 1/1b study of ficerafusp alfa in combination with Keytruda in first-line recurrent/metastatic head and neck squamous cell carcinoma (HNSCC). The data, slated for disclosure at ASCO 2025, has garnered significant investor interest. The company maintains a strong financial position, with InvestingPro analysis showing more cash than debt on its balance sheet and a healthy current ratio of 24.62.
The analyst pointed out that recent results from the dose expansion phase of the study showed a 54% objective response rate (ORR) and a 15% complete response (CR) rate among patients with a PD-L1 CPS greater than 1. These outcomes were noted to be substantially better than the results from the Phase 3 KEYNOTE-048 trial, which reported a 19.1% ORR and a 38.0% ORR for Keytruda alone and Keytruda combined with chemotherapy, respectively, in a similar patient demographic.
Burns’ report took into account the increased operating expenses expected for Bicara Therapeutics moving forward. Despite the slight reduction in the price target, the Buy rating was reiterated, underscoring a continued positive outlook on the company’s stock for the next 12 months. While the company isn’t currently profitable, InvestingPro reveals 8 additional key insights about BCAX’s financial health and market position that could impact investor decisions.
In other recent news, Bicara Therapeutics Inc. is set to present updated trial data for its drug candidate ficerafusp alfa at the American Society of Clinical Oncology (ASCO) Annual Meeting. This data will focus on its effectiveness in treating recurrent or metastatic head and neck squamous cell carcinoma. Analysts from H.C. Wainwright have adjusted the stock’s price target from $45 to $44, maintaining a Buy rating due to upcoming presentations and financial considerations. Meanwhile, Cantor Fitzgerald has maintained an Overweight rating, citing a decrease in net loss and better-than-expected earnings per share for the fourth quarter of 2024. They have also updated their financial projections, including increased R&D spending for 2025. Stifel has raised the price target for Bicara to $48, maintaining a Buy rating based on confidence in the company’s valuation ahead of upcoming data releases. The upcoming data is expected to enhance visibility into ficerafusp alfa’s efficacy and address any skepticism about its potential. Cantor Fitzgerald reiterated its optimism about the drug’s competitive positioning and market prospects, highlighting its potential as a "de-risked, late-stage candidate with blockbuster potential."
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