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On Tuesday, H.C. Wainwright analysts reaffirmed their Buy rating on ORIC Pharmaceuticals (NASDAQ: ORIC) stock, maintaining a price target of $22.00. This aligns with the broader analyst consensus, with targets ranging from $12 to $25. Trading at $8.47, ORIC has shown remarkable momentum with a 46.54% gain in the past week. This decision follows the recent announcement of updated clinical results by ORIC Pharmaceuticals.
Last week, ORIC Pharmaceuticals released new data on the combination of ORIC-944 with apalutamide (Erleada) or darolutamide (Nubeqa) for patients with metastatic castration-resistant prostate cancer (mCRPC). The company, currently valued at $602 million and maintaining a strong financial health score of GOOD according to InvestingPro, conducted the study with 17 patients who had previously been treated with an androgen receptor pathway inhibitor (ARPI) and, in some cases, had received one line of chemotherapy.
The results showed significant prostate-specific antigen (PSA) reductions across 400-800mg dose groups. Eight out of 17 patients achieved confirmed PSA50 responses, and four achieved PSA90 responses. The majority of patients in the study are continuing treatment, with several nearing or surpassing one year of therapy.
For comparison, in a Phase 2 study, apalutamide alone achieved a maximal PSA response rate of 28% in mCRPC patients following treatment with abiraterone, with a median time to PSA progression of 3.7 months and a median treatment duration of 4.9 months.
H.C. Wainwright analysts highlighted these findings in their report, reiterating their positive outlook for ORIC Pharmaceuticals and maintaining their $22.00 price target. InvestingPro reveals that six analysts have recently revised their earnings expectations upward, with additional valuable insights available to subscribers, including detailed financial health metrics and real-time trading signals.
In other recent news, ORIC Pharmaceuticals announced promising preliminary efficacy and safety data from its ongoing Phase 1b trial of ORIC-944, in combination with AR inhibitors, for treating metastatic castration-resistant prostate cancer. The trial showed a 59% PSA50 response rate and a 24% PSA90 response rate, with most adverse events being mild to moderate. Following these results, Cantor Fitzgerald reiterated its Overweight rating on ORIC Pharmaceuticals, citing the drug’s potential to stand out in the prostate cancer treatment landscape. Additionally, ORIC Pharmaceuticals secured $125 million through a private placement, expected to extend the company’s cash runway into the second half of 2027. This financial move supports the anticipated primary endpoint readout from the first Phase 3 registrational trial of ORIC-944. JPMorgan also maintained its Overweight rating on ORIC Pharmaceuticals, highlighting the potential for ORIC-944 to demonstrate significant clinical value. The firm anticipates an update on ORIC-944 in the first half of 2025, which could impact the stock’s valuation. Investors are closely watching ORIC Pharmaceuticals as the company progresses in its clinical trials and financial strategies.
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