Oric Pharmaceuticals data ‘home run scenario,’ says JPMorgan

JPMorgan views Oric Pharmaceuticals (ORIC)’ Phase 1b dose-escalation combination data for ORIC-944 plus AR inhibitor in metastatic castration-resistant prostate cancer as a “home run scenario.” The early ORIC-944 combination data “hits our home run scenario,” with clear signals of better PSA responses and better safety relative to the known data from the Xtandi plus mevrometostat update, the analyst tells investors in a research note. JPMorgan views Oric shares as “significantly undervalued” and sees potential to for the stock to “grind to mid-teens to high-teens with time.” It keeps an Overweight rating on Oric with a $20 price target