On Monday, Oppenheimer increased its price target for ORIC Pharmaceuticals (NASDAQ: ORIC) shares to $17.00, up from the previous $14.00, while continuing to recommend an Outperform rating for the stock. This adjustment follows the company's report of its financial results for 2023.
The financial report from ORIC Pharmaceuticals has been met with positive responses, particularly with regards to the company's strategic financial maneuvers following the release of data on their drug candidates ORIC-114 and ORIC-944. The management's execution has been noted as commendable, setting the stage for further advancements.
Oppenheimer's focus is particularly drawn to ORIC-944, a drug targeting prostate cancer treatment, due to the high unmet need in this area and the attention given to similar programs by competitors like Pfizer (NYSE:PFE). The anticipation surrounding Pfizer's forthcoming data on their own PRC2/EZH2 program has placed ORIC-944 in the spotlight, suggesting significant investor interest for the remainder of the year.
ORIC-114, another of ORIC's drug candidates, has not been overlooked. It is recognized for its potential, with a clear path to approval for CNS lesions and possibly wider applications outlined by the analyst. The reference to tucatinib's development path underscores the potential playbook that ORIC may emulate for success.
The reiteration of the Outperform rating and the price target increase to $17.00 reflect a bullish stance on ORIC Pharmaceuticals' prospects, particularly with the company's drug development programs in the pipeline.
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