Citizens has reaffirmed its Market Outperform rating on Bicara Therapeutics Inc (NASDAQ: BCAX) and maintained a $31.00 price target. The firm noted data recently presented at the 2026 MHNCS and preserved its valuation after running a discounted earnings-per-share and revenue multiple analysis.
Shares in Bicara were trading at $15.48 at the time of the update. That level represents an increase of nearly 9% over the past week and a roughly 31% rise over the last six months. Despite that performance, InvestingPro analysis indicates the stock is slightly overvalued relative to fair value estimates.
Citizens underscored long-term follow-up results disclosed at the 2026 MHNCS meeting. The dataset described patients treated with ficerafusp alfa administered at 2,000 mg every two weeks in combination with pembrolizumab at 400 mg every six weeks. According to the presentation, the higher but less frequent dosing schedule produced comparable or deeper responses compared with other regimens and could be incorporated into a maintenance approach.
The report clarified the agents involved: ficerafusp alfa is an EGFR x TGFB bispecific antibody and pembrolizumab is a PD-1 monoclonal antibody. The combination demonstrated durable responses extending beyond two years in the presented follow-up.
Operationally, Bicara’s Phase 2/3 program is advancing, and the company reported a cash balance of $407.6 million. InvestingPro Tips highlighted that Bicara holds more cash than debt on its balance sheet, with liquid assets exceeding short-term obligations - a dynamic the analysts view as a financial cushion for continued clinical activity.
In parallel developments, Bicara announced it had selected a 1,500 mg dose of ficerafusp alfa for its Phase 3 FORTIFI-HN01 trial. That pivotal study targets HPV-negative recurrent/metastatic head and neck squamous cell carcinoma and has secured alignment with the U.S. Food and Drug Administration. The company aims to have full implementation of the Phase 3 study by the end of the first quarter of 2026.
Outside of Citizens’ coverage, other broker commentary remains supportive. H.C. Wainwright has reiterated a Buy rating with a $40.00 price target, while BTIG has also reiterated a Buy rating and assigned a $28.00 price target, with both firms citing clinical progress as a central factor in their views.
Notably, Citizens has been identified as both reaffirming a Market Outperform rating with a $31.00 price objective and as having initiated coverage on the company with that same rating and target, emphasizing the potential of Bicara’s lead antibody, ficerafusp alfa, when used in combination strategies.
What this means
- Analysts point to clinical durability and flexible dosing data as drivers of Bicara’s development narrative.
- Financially, the company’s cash balance relative to liabilities is highlighted as supportive for ongoing trials.
- Market reaction has been positive in recent periods, though some valuation metrics suggest limited upside versus fair value at current prices.
Context and next milestones
Bicara’s next operational milestone is the full implementation of the Phase 3 FORTIFI-HN01 trial, which the company plans to have in place by the end of the first quarter of 2026. Continued readouts and any further regulatory interactions around the selected 1,500 mg dose will likely be focal points for investors and analysts tracking the program.