Analyst Derek Archila of Wells Fargo maintained a Buy rating on Oric Pharmaceuticals (ORIC – Research Report), retaining the price target of $20.00.
Derek Archila has given his Buy rating due to a combination of factors that suggest potential upside for Oric Pharmaceuticals. The upcoming updates on ORIC-944, expected in the first half of 2025, are anticipated to serve as a significant catalyst for the stock. These updates are particularly promising in light of Pfizer’s recent positive data on mevro+enz, which provides a comparative framework for ORIC-944’s progress.
Additionally, the company’s strategic refocus on ORIC-114 for first-line treatments and the extension of its cash runway into 2027 further strengthen its position. The extended cash runway is attributed to a refined operating plan and the deprioritization of certain second-line studies. These developments, along with the potential for ORIC-944 to show similar or better efficacy compared to existing treatments, contribute to the positive outlook and justify the Buy rating.
In another report released yesterday, Oppenheimer also reiterated a Buy rating on the stock with a $15.00 price target.
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