Oric Pharmaceuticals price target lowered to $17 from $20 at Wedbush

Wedbush analyst David Nierengarten lowered the firm’s price target on Oric Pharmaceuticals (ORIC) to $17 from $20 and keeps an Outperform rating on the shares. Oric’s Phase 1 prostate cancer results appear consistent with Pfizer (PFE) despite Oric treating a sicker population of patients, says the analyst, who adds that rinzimetostat appeared to be safer than Pfizer’s mevrometostat. “While we always prefer to see convincing differentiation in efficacy, a tolerability advantage is clinically meaningful in a chronic treatment setting with generally elderly patients and could independently drive physician preference if efficacy parity is maintained,” the analyst added.