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On Friday, H.C. Wainwright analyst Robert Burns increased the price target on ORIC Pharmaceuticals (NASDAQ:ORIC) to $22.00, up from the previous $21.00, while reaffirming a Buy rating on the stock. Currently trading at $5.32, the company maintains a "FAIR" overall financial health score according to InvestingPro analysis, with analyst targets ranging from $12 to $25. Burns highlighted several key catalysts anticipated to drive the company’s progress in the near future. Among these are the presentation of Phase 1b results for ORIC-114 in various cancer treatments, including first-line (1L) and second-line (2L) EGFR exon 20+ NSCLC, second-line and beyond (2L+) HER2 exon 20, and 2L+ EGFR atypical mutations, expected in the second half of 2025. InvestingPro data shows the company holds more cash than debt on its balance sheet, though it’s currently burning through cash rapidly as it advances its clinical programs.
Additionally, Burns noted that results from dose escalation studies for ORIC-944 in combination with apalutamide or darolutamide are expected in the first half of 2025, with a follow-up update later in the second half of the year. The research firm remains optimistic about the potential of ORIC-944, referencing previous notes that supported the clinical results with preclinical data.
Looking further ahead, initial results for the combination of ORIC-114 and amivantamab in first-line EGFR exon 20+ NSCLC are anticipated in mid-2026. Similarly, initial results for ORIC-114 in first-line treatment of EGFR atypical mutation positive NSCLC are also expected around the same time. Burns sees the next 18 months as a period rich with catalysts for ORIC Pharmaceuticals, which supports the decision to maintain a Buy rating and raise the price target. While the stock has experienced a significant decline over the past six months, InvestingPro analysis suggests the company is currently undervalued based on its Fair Value model.
In other recent news, ORIC Pharmaceuticals has been at the forefront of discussions following the presentation of preclinical data for its drug candidate, ORIC-944, at the American Association for Cancer Research (AACR) Annual Meeting. The data indicated that ORIC-944, when combined with androgen receptor pathway inhibitors (ARPIs), could enhance progression-free survival in prostate cancer models. The drug is currently being evaluated in a Phase 1b trial alongside ERLEADA® and NUBEQA®. Analysts from Stifel reaffirmed their Buy rating on ORIC Pharmaceuticals, maintaining a $20 price target, citing the validation of ORIC-944’s radiographic progression-free survival benefit by key opinion leaders.
Additionally, H.C. Wainwright has reiterated its Buy rating with a $21 price target, following promising results from a clinical trial involving a combination therapy that could benefit ORIC’s pipeline. The trial showed a notable objective response rate and PSA50 response rate, which could have positive implications for ORIC-944. Similarly, Jones Trading maintained a Buy rating with a $17 target, emphasizing the significant progression-free survival benefit of ORIC’s product in combination with Xtandi.
Furthermore, Cantor Fitzgerald continues to hold an Overweight rating on ORIC Pharmaceuticals, following a potential news leak related to Pfizer (NYSE:PFE)’s mevrometostat, which could impact ORIC positively. The snippet hinted at favorable developments, although specific data points were not disclosed. Investors are keenly awaiting the official release of detailed findings, which could further elucidate the potential benefits of ORIC’s ongoing collaborations and drug developments in the oncology space.
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