ORIC Pharmaceuticals stock target holds at $21 by H.C. Wainwright

On Tuesday, H.C. Wainwright research firm maintained a positive outlook on ORIC Pharmaceuticals (NASDAQ:ORIC), reiterating a Buy rating and a $21.00 price target for the company’s stock. Currently trading at $11.23, ORIC has received strong analyst support, with consensus targets ranging from $13 to $25. According to InvestingPro data, the stock has shown impressive momentum with a 34% gain over the past six months. The endorsement follows the release of abstracts for the forthcoming ASCO GU conference, which included promising results from a clinical trial involving a drug combination that could benefit ORIC’s development pipeline.

The trial in question is a Phase 1/2 study evaluating a combination of mevrometostat (PF-06821497), an EZH2 inhibitor, and Xtandi (enzalutamide) against Xtandi alone in patients with metastatic castration-resistant prostate cancer (mCRPC) who had previously been treated with Zytiga (abiraterone) and had one or fewer prior chemotherapies. The abstract revealed that the drug combination achieved a 26.7% objective response rate (ORR) in patients with measurable disease at baseline and a confirmed PSA50 response rate of 34.1%, compared to 14.3% and 15.4%, respectively, for Xtandi alone.

The analyst at H.C. Wainwright highlighted the significance of these results, indicating that the positive data from the dose expansion could have favorable implications for ORIC-944, a program within ORIC Pharmaceuticals’ portfolio. The firm’s confidence in the stock is reflected in the reiterated 12-month price target of $21. InvestingPro analysis shows the company maintains a strong financial health score of 2.67, labeled as "GOOD," with a notably high current ratio of 13.15, indicating robust liquidity.

The trial’s results are considered a step forward for ORIC Pharmaceuticals, as the company continues to develop treatments in the oncology space. The data presented in the abstract suggests that the combination therapy could offer a more effective treatment option for mCRPC patients who have limited responses to current therapies.

ORIC Pharmaceuticals is focused on discovering and developing novel therapies for the treatment of cancer. The company’s pipeline includes multiple programs targeting various oncogenic drivers and resistance mechanisms that contribute to the growth and survival of cancer cells. The positive feedback from H.C. Wainwright underscores the potential of ORIC’s approach to addressing unmet medical needs in oncology. With a market capitalization of $792 million and more cash than debt on its balance sheet, ORIC appears well-positioned to advance its development programs. InvestingPro subscribers can access additional insights, including 7 more ProTips and detailed financial metrics that provide a comprehensive view of the company’s potential.

In other recent news, ORIC Pharmaceuticals has been the subject of several analyst ratings and updates. Jones Trading reiterated its Buy rating on ORIC, setting a price target of $17.00, emphasizing promising results from the combination of ORIC’s product with Xtandi. The firm projects ORIC’s product could reach approximately $575 million in worldwide peak sales by 2036 for metastatic castration-resistant prostate cancer (mCRPC).

Cantor Fitzgerald also maintained an Overweight rating on ORIC, highlighting the potential of ORIC’s prostate cancer treatment, mevrometostat. The firm’s analyst projected that if the relative Progression-Free Survival (rPFS) Hazard Ratio (HR) is below 0.7, it would be considered meaningful and could substantially boost confidence in the treatment’s effectiveness against prostate cancer.

Furthermore, Citi reaffirmed its Buy rating and $13.00 price target for ORIC Pharmaceuticals, anticipating a significant increase in ORIC’s stock value coinciding with the expected online publication of Pfizer (NYSE:PFE)’s ASCO GU late breaker abstract.

These recent developments suggest a positive outlook for ORIC, with analysts from various firms highlighting the potential of ORIC’s products and the company’s ongoing clinical trials. However, these are analyst expectations and the actual outcomes may vary.

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