BCAX: De-Risked FORTIFI-HN01 Path, Differentiated Ficera Profile, and Solid Cash Runway Underpin Buy Rating and $28 Target

Analyst Jeet Mukherjee of BTIG reiterated a Buy rating on Bicara Therapeutics Inc., retaining the price target of $28.00.

Jeet Mukherjee has given his Buy rating due to a combination of factors that underscore both the clinical and financial strength of Bicara Therapeutics. He highlights management’s clear regulatory alignment with the FDA on the 1,500mg dose for the pivotal FORTIFI-HN01 study, which is supported by stronger complete response rates versus the lower dose and comparable safety, and is structured to be statistically robust for an interim analysis in mid-2027. The upcoming 2,000mg Q2W data, longer-term phase 1b follow-up, and multiple readouts across HNSCC and 3L+ mCRC in 2026 are viewed as important catalysts that can further de-risk the program and refine the commercial dosing strategy. In addition, Bicara’s $408M cash balance is considered sufficient to fund the pivotal trial through its confirmatory endpoint, reducing financing overhang during a critical execution period.
Jeet Mukherjee also sees meaningful strategic value in ficera’s position within a competitive HNSCC landscape that includes petosemtamab and amivantamab. While acknowledging strong response rates from competitors, he emphasizes ficera’s potential differentiation through depth and durability of response, which could translate into a favorable hazard ratio and market share within a large, multi-billion-dollar global opportunity in HPV-negative disease. Beyond HNSCC, he views the upcoming 3L+ MSS RAS/BRAF wild-type mCRC data as a key proof point for ficera’s “pipeline-in-a-product” profile, with dual and triple target mechanisms suggesting the possibility of response rates materially above the current standard. Taken together with his DCF-based valuation framework, these clinical, competitive, and financial elements support his Buy rating and $28 price target on BCAX.

In another report released on January 14, JonesTrading also reiterated a Buy rating on the stock with a $30.00 price target.

BCAX’s price has also changed dramatically for the past six months – from $10.230 to $16.690, which is a 63.15% increase.