Promising Potential of ORIC-944 in mCRPC Treatment Drives Buy Rating and $22 Price Target

Analyst Robert Burns of H.C. Wainwright reiterated a Buy rating on Oric Pharmaceuticals (ORIC – Research Report), retaining the price target of $22.00.

Robert Burns has given his Buy rating due to a combination of factors that highlight the promising potential of Oric Pharmaceuticals’ ORIC-944 in combination with AR inhibitors. The recent data update from ORIC showed significant prostate-specific antigen (PSA) reductions in patients with metastatic castration-resistant prostate cancer (mCRPC) who had previously been treated with ARPI and possibly chemotherapy. Notably, a substantial portion of patients achieved confirmed PSA50 and PSA90 responses, with many continuing treatment for nearly a year.
These results are particularly encouraging when compared to historical data from similar treatments, such as apalutamide in Phase 2 trials, which showed lower PSA response rates and shorter durations on treatment. Furthermore, ORIC-944’s combination with AR inhibitors appears to outperform Pfizer’s mevrometostat in terms of synergy and progression-free survival improvements in preclinical models. These compelling findings, along with the ongoing dose exploration, underpin the Buy rating and the $22 12-month price target set by Burns.

In another report released on May 29, Wells Fargo also maintained a Buy rating on the stock with a $20.00 price target.