Analyst Colleen M. Kusy of Robert W. Baird reiterated a Buy rating on Oric Pharmaceuticals (ORIC – Research Report), with a price target of $27.00.
Colleen M. Kusy gave her Buy rating based on a combination of positive early-stage data and strategic development moves by Oric Pharmaceuticals. Her confidence is bolstered by the initial Phase 1b data for ORIC-944 in prostate cancer, showing favorable drug properties such as a long half-life and robust target engagement without significant CYP liabilities. The drug’s progression to combination studies with AR inhibitors is seen as a positive step given the absence of clinical responses in monotherapy, as expected due to its mechanism of action. The safety profile further supports the drug’s potential, with only low-grade treatment-related adverse events reported.
Additionally, Kusy anticipates that forthcoming data from a competitor’s study will likely validate the combination therapy approach that ORIC is pursuing. The accelerated timeline for ORIC-944’s combination studies in the first half of 2024, earlier than expected, sets the stage for a pivotal study commencement in 2025. This strategy targets a significant market in prostate cancer treatment, which could potentially enhance the company’s value and justify the Buy rating. Kusy’s outlook is also informed by the expected industry-wide impact of Pfizer’s upcoming readout, which could lend further credibility to ORIC’s approach if positive.
In another report released on January 2, Wedbush also maintained a Buy rating on the stock with a $12.00 price target.
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Oric Pharmaceuticals (ORIC) Company Description:
ORIC Pharmaceuticals Inc is a clinical-stage biopharmaceutical company. It has a pipeline of therapies designed to counter resistance mechanisms in cancer by leveraging its expertise within three specific areas: hormone-dependent cancers, precision oncology, and key tumor dependencies. The company has product candidates namely, ORIC-101 and ORIC-533.
Read More on ORIC:
- Oric provides initial Phase 1b data for ORIC-944, 2024 milestones
- ORIC Pharmaceuticals Provides Initial Phase 1b Data for ORIC-944, Operational Highlights for 2023, and Anticipated Upcoming Milestones
- ORIC Pharmaceuticals to Present at the 42nd Annual J.P. Morgan Healthcare Conference
- Oric Pharmaceuticals files to sell 12.14M shares of common stock for holders
- Oric Pharmaceuticals price target lowered by $1 at H.C. Wainwright, here’s why
