In a report released today, Soumit Roy from JonesTrading maintained a Buy rating on Oric Pharmaceuticals (ORIC – Research Report), with a price target of $17.00.
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Soumit Roy has given his Buy rating due to a combination of factors that highlight ORIC Pharmaceuticals’ potential for growth. The company is set to present promising data from its Phase 1b trial of ORIC-944, which is being tested in combination with Erleada or Nubeqa for treating a specific type of prostate cancer. Despite a previous pullback in stock value due to safety concerns related to a similar drug class by Pfizer, ORIC’s drug demonstrates a superior safety profile, not requiring dose adjustments, which positions it favorably in the market.
Furthermore, ORIC’s upcoming data presentation is anticipated to showcase a better safety profile compared to Pfizer’s combination therapy, which could drive the stock price higher if the results are positive. The focus on safety and efficacy, along with the potential to outperform Pfizer’s data, supports the optimism surrounding ORIC’s stock. Additionally, the company’s financial position, with substantial cash reserves, provides a solid foundation for continued research and development efforts, reinforcing the Buy recommendation.
According to TipRanks, Roy is an analyst with an average return of -27.2% and a 16.54% success rate. Roy covers the Healthcare sector, focusing on stocks such as Precision BioSciences, Elicio Therapeutics, and Chimerix.