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On Tuesday, Stifel analysts, including Bradley Canino, reaffirmed their Buy rating on ORIC Pharmaceuticals (NASDAQ:ORIC) with a consistent price target of $20.00. According to InvestingPro data, analyst targets range from $13 to $25, with the stock currently trading at $8.36, suggesting significant upside potential. The analysts’ commentary followed recent discussions around ORIC’s ORIC-944, a product designed as a fast-follower in the pharmaceutical market. The discussions highlighted the radiographic progression-free survival (rPFS) benefit demonstrated by ORIC-944, which has now been validated by key opinion leaders (KOLs). These KOLs had previously expressed skepticism based solely on single-arm study results.
The Stifel team addressed the ongoing investor debates about the impact of patient baseline characteristics on the study’s outcomes. The analysts conveyed that both KOLs involved in the discussions dismissed the likelihood that differences in patient characteristics were driving the results. They also noted that the performance of the control arm met expectations. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 13.15 and holds more cash than debt on its balance sheet, providing runway for continued development.
Furthermore, the analysts reported that Dr. Gartrell found the 34% PSA50 response rate particularly impressive. This response rate is noteworthy because the patients in question had not responded to prior androgen receptor pathway inhibitors (ARPI), making a PSA response unexpected.
ORIC Pharmaceuticals has been working on developing ORIC-944 as part of its commitment to providing innovative treatments in the oncology sector. The positive feedback from KOLs and the reiteration of the Buy rating by Stifel could be significant for the company’s credibility and investor confidence.
Investors and market watchers will likely continue to monitor ORIC Pharmaceuticals’ progress with ORIC-944, as well as any further endorsements or analyses from industry experts and financial analysts. With a market capitalization of $590 million and recent stock performance showing a -15% one-week return, InvestingPro subscribers can access additional insights through 7 more exclusive ProTips and comprehensive financial metrics to make informed investment decisions.
In other recent news, ORIC Pharmaceuticals has been receiving positive attention from several analyst firms. H.C. Wainwright maintained a Buy rating with a $21 price target, emphasizing promising results from a clinical trial involving a drug combination that could benefit ORIC’s development pipeline. Jones Trading also reiterated a Buy rating on the company’s stock, with a $17 target, highlighting encouraging data from the combination of ORIC’s product with Xtandi.
Cantor Fitzgerald maintained its Overweight rating on ORIC Pharmaceuticals, noting the potential of ORIC’s prostate cancer treatment, mevrometostat. The firm suggested 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. The firm also stated that the market has not yet priced in the full potential of ORIC’s prostate cancer treatment.
These developments underline the positive outlook for ORIC Pharmaceuticals, with multiple firms having confidence in the company’s ongoing projects and future growth potential. The recent analysis and ratings from these firms highlight the company’s potential and the anticipation of forthcoming clinical trial results.
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