Oric selloff on cancer data ‘appears exaggerated,’ says JonesResearch

JonesResearch says the market overreacted yesterday to Oric Pharmaceuticals (ORIC)’ Phase 1 prostate cancer data. Oric reported efficacy that was in line with Pfizer’s (PFE) mevrometostat while demonstrating a more favorable safety profile in the dose optimization study of rinzimetostat in combination with Nubeqa in post-Zytiga metastatic castration-resistant prostate cancer, the analyst tells investors in a research note. Jones believes the Street’s negative reaction to Oric’s data “appears exaggerated.” The company’s latest update is immature with a relatively short median duration of follow up of five months compared to 9-10 months in Pfizer’s data updates, it points out. The firm keeps a Buy rating on Oric with a $25 price target