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SOUTH SAN FRANCISCO/SAN DIEGO - ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical stage oncology company with a market capitalization of approximately $846 million, has appointed Kevin Brodbeck, PhD, to the newly created position of Chief Technical Officer, the company announced Monday. The stock has shown strong momentum, gaining over 23% in the past six months.
The appointment comes as ORIC prepares for potential Phase 3 trials of its cancer treatment candidates ORIC-944 and enozertinib (ORIC-114) in 2026, according to a company press release. InvestingPro data shows six analysts have recently revised their earnings expectations upward for the upcoming period, suggesting growing confidence in the company’s pipeline.
Brodbeck brings more than 25 years of experience in technical operations, quality assurance, and chemistry, manufacturing and controls across pharmaceutical product development stages.
"As we approach the potential initiation of Phase 3 trials next year for ORIC-944 and enozertinib, CMC and Technical Operations will become increasingly critical," said Jacob M. Chacko, president and chief executive officer of ORIC.
Prior to joining ORIC, Brodbeck served as Chief Technical and Development Operations Officer at Deciphera Pharmaceuticals, where he led pharmaceutical sciences, supply chain, clinical operations, and program management functions. He previously held the position of SVP of Technical Operations at Nektar Therapeutics.
Brodbeck holds a PhD in Chemical Engineering from University of Illinois, Urbana-Champaign, and a BS in Chemical Engineering from the University of California, Berkeley.
ORIC Pharmaceuticals focuses on developing treatments that address mechanisms of therapeutic resistance in cancer. The company’s clinical stage product candidates include ORIC-944, an allosteric inhibitor being developed for prostate cancer, and enozertinib, a brain penetrant inhibitor targeting specific genetic mutations across multiple cancers.
The company maintains offices in South San Francisco and San Diego, California. According to InvestingPro analysis, ORIC maintains a strong financial position with more cash than debt and a healthy current ratio of 16.1, providing substantial runway for its clinical programs. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial metrics to make better-informed investment decisions.
In other recent news, ORIC Pharmaceuticals has been the focus of several analyst firms, reflecting growing interest in its developments. Jefferies raised its price target for ORIC Pharmaceuticals to $23.00, maintaining a Buy rating, following the company’s focus on pivotal trials for its ’944 mCRPC and ’114 NSCLC programs. Ladenburg Thalmann initiated coverage with a Buy rating and a $15.00 price target, highlighting the potential of ORIC’s PRC2 inhibitor, ORIC-944, as a promising treatment for AR-experienced mCRPC. H.C. Wainwright also maintained a Buy rating, with a $22.00 price target, after ORIC Pharmaceuticals released updated clinical results showing promising data for ORIC-944 in combination with other AR inhibitors.
Furthermore, ORIC Pharmaceuticals announced preliminary efficacy and safety data from its ongoing Phase 1b trial of ORIC-944, showing significant clinical activity and a favorable safety profile. The trial results indicated a 59% PSA50 response rate and a 24% PSA90 response rate, with most adverse events being mild to moderate. Cantor Fitzgerald reiterated an Overweight rating, citing the company’s strong prospects in prostate cancer treatment and a market capitalization exceeding $600 million. Analysts from Cantor Fitzgerald believe the stock remains undervalued and anticipate more data from ongoing trials later this year, which could act as a catalyst. These developments underscore the potential impact of ORIC Pharmaceuticals’ drug candidates in the cancer treatment landscape.
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