Bicara Therapeutics Inc (BCAX) PT Raised to $45 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns raised the price target on Bicara Therapeutics Inc (NASDAQ: BCAX) to $45.00 (from $42.00) while maintaining a Buy rating.

The analyst commented: "Over the weekend, at the ASCO GI conference in San Francisco, CA, Bicara presented Phase 1/1b results from a Part B dose-expansion cohort evaluating ficerafusp alfa + Keytruda (pembrolizumab) in patients with locally advanced/unresectable or metastatic EGFR+ squamous cell carcinoma of the anal canal (SCAC) who had received 1 or 2 prior lines of chemotherapy but were naive to checkpoint inhibitors. As seen in the poster, treatment with the combo (n=28) elicited a 28.6% ORR (3.6% CR; 1 PR unconfirmed), with a 38.4% ORR seen in those patients with liver metastasis (see Figure 1 below). The combo achieved a 2.86-month mPFS and a 40.7% 12-month PFS rate; in patients with and without liver metastasis, the mPFS was 3.65 months and 2.62 months, respectively. From our perspective, these efficacy results are superior to the 11% ORR and 12-month PFS rate of 15% that Keytruda monotherapy demonstrated in the KEYNOTE-158 trial (source: Marabelle et al., Lancet Gastroenterol Hepatol 2022). From a safety perspective, 46.4% of patients treated with the combo experienced a G3+ TRAE, with G3 ALT/AST elevations occurring in 14% and 7% of patients, respectively; 7.1% of patients discontinued treatment due to a TRAE. We remind investors that we only include risk-adjusted revenues for ficerafusp alfa in 1L HPV- R/M HSCNN. As such, we view this SCAC as a potential driver of future upside to our forecasts. After pulling our discounted cash flow (DCF)-based valuation forward, we reiterate our Buy rating, while raising our 12-month price target to $45 from the prior $42 per share."

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