Wells starts Oric Pharmaceuticals with Overweight into ‘de-risking catalysts’

Wells Fargo initiated coverage of Oric Pharmaceuticals (ORIC) with an Overweight rating and $20 price target The firm likes the setup for the shares heading into 2025 as it expects “several de-risking catalysts” for ORIC-114 and ORIC-944 programs in the next 12 months. At the current valuation, investors are assigning too low of a probability of success for these programs, the analyst tells investors in a research note. Wells says Oric’s ORIC-114 has multiple shots on goal in lung cancer with paths for accelerated approval.