Analyst Soumit Roy of JonesTrading maintained a Buy rating on Oric Pharmaceuticals, retaining the price target of $20.00.
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Soumit Roy has given his Buy rating due to a combination of factors, primarily focusing on the promising clinical data presented by Oric Pharmaceuticals for their drug enozertinib. The Phase 1 trial results for enozertinib in first-line and heavily pretreated EGFR PACC mutated NSCLC patients showed an overall response rate of 80% and a remarkable intracranial response rate of 100%. This data is particularly significant as a substantial portion of these patients had active and untreated brain metastases at the start of the trial.
Furthermore, the potential for enozertinib to penetrate the central nervous system and its oral bioavailability position it as a potentially best-in-class EGFR TKI. Given the high incidence of brain metastases in mutant-driven NSCLC patients and the limited efficacy of current treatments on intracranial tumors, enozertinib could achieve significant market penetration. This is underscored by the success of similar brain-penetrating drugs in the market, such as Roche’s Alecensa. These factors collectively contribute to the positive outlook and Buy rating for Oric Pharmaceuticals.
In another report released yesterday, Wedbush also maintained a Buy rating on the stock with a $20.00 price target.