Wells upgrades Bicara to Equal Weight with thesis played out

Wells Fargo upgraded Bicara Therapeutics (BCAX) to Equal Weight from Underweight with an unchanged price target of $8. The form says its Underweight thesis has largely played out on ficerafusp and petosemtamab’s head and neck squamous cell carcinomas update. A lower probability of sucess for ficerafusp is largely priced in at current share levels, with a lack of catalysts for upside keeping Bicara range bound in the medium term, the analyst tells investors in a research note.