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Investing.com - Ladenburg Thalmann initiated coverage on ORIC Pharmaceuticals (NASDAQ:ORIC) with a Buy rating and a $15.00 price target on Tuesday. Currently trading at $10.65, the stock has significant upside potential, with analyst targets ranging from $12 to $25, according to InvestingPro data.
The research firm cited the emerging profile of ORIC’s PRC2 inhibitor ORIC-944 as a potential fast-follower to mevrometostat in treating AR-experienced mCRPC as a key factor in its positive assessment.
Ladenburg Thalmann also highlighted ORIC’s strategic pivot in developing ORIC-114, shifting from second-line exon 20 EGFR/HER2 tumors to first-line treatment, which represents a larger addressable population.
The firm noted this strategic move creates an opportunity to maximize clinical differentiation based on ORIC-114’s potential best-in-class CNS activity.
Ladenburg Thalmann expressed confidence in ORIC’s experienced management team, which has a track record of guiding targeted cancer drugs through clinical development.
In other recent news, ORIC Pharmaceuticals announced promising preliminary results from their Phase 1b trial of ORIC-944 in combination with AR inhibitors for 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. These findings have led H.C. Wainwright to maintain a Buy rating with a price target of $22.00, while Cantor Fitzgerald reiterated an Overweight rating, emphasizing the drug’s potential in the prostate cancer treatment landscape. In a significant financial development, ORIC Pharmaceuticals secured approximately $125 million through a private placement, expected to extend their cash runway into the second half of 2027. This funding is intended to support the anticipated primary endpoint readout from the first Phase 3 registrational trial of ORIC-944. Analysts from Cantor Fitzgerald highlighted the potential multi-blockbuster opportunity for ORIC-944 and anticipate more data from ongoing trials later this year. The company’s strategic focus on overcoming cancer resistance continues to attract investor interest, with the recent financing reflecting confidence in ORIC’s clinical and research advancements.
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