Promising Potential of Bicara Therapeutics’ Ficerafusp Alfa: Analyst Reiterates Buy Rating with Strong Clinical Results and $41 Price Target

Robert Burns, an analyst from H.C. Wainwright, reiterated the Buy rating on Bicara Therapeutics Inc. (BCAX – Research Report). The associated price target remains the same with $41.00.

Robert Burns has given his Buy rating due to a combination of factors that highlight the promising potential of Bicara Therapeutics Inc.’s lead candidate, ficerafusp alfa. The updated clinical results from the ongoing Phase 1/1b study, presented at ASCO 2025, demonstrate a notably high overall response rate (ORR) and complete response (CR) rate when combined with Keytruda in treating first-line HPV-negative recurrent/metastatic head and neck squamous cell carcinoma. These results surpass those observed in similar patient populations treated with Keytruda alone or with chemotherapy, as seen in the Phase 3 KEYNOTE-048 trial.
Moreover, the combination therapy has shown impressive median progression-free survival (mPFS) and median overall survival (mOS) metrics, which are significantly better than the typical outcomes for patients treated with Keytruda alone. This enhanced survival data, particularly the two-year survival rate, strengthens the case for ficerafusp alfa’s efficacy. Additionally, the analyst emphasizes that only risk-adjusted revenues for this candidate in the specified indication are included, reinforcing the conservative yet optimistic outlook. Consequently, the Buy rating is reiterated with a 12-month price target of $41.