Fintel reports that on October 31, 2024, Wells Fargo initiated coverage of ORIC Pharmaceuticals (NasdaqGS:ORIC) with a Overweight recommendation, highlighting the company’s potential in the biopharmaceutical sector.
Analyst Price Forecast Suggests 103.89% Upside
As of October 22, 2024, the average one-year price target for ORIC Pharmaceuticals stands at an optimistic $19.12 per share, reflecting significant anticipated growth. These forecasts range from a conservative low of $13.13 to an impressive high of $26.25. The average price target indicates a robust increase of 103.89% from its most recent closing price of $9.38 per share, signaling strong investor confidence in ORIC’s future.
The projected annual revenue for ORIC Pharmaceuticals is currently estimated at 0MM, while the anticipated annual non-GAAP EPS is -2.71, underlining the challenges the company faces.
What is the Fund Sentiment?
Upon review, there are 280 funds or institutions reporting positions in ORIC Pharmaceuticals, marking an increase of 10 stakeholders or 3.70% in the last quarter. The average portfolio weight dedicated to ORIC across all funds is 0.25%, reflecting an increase of 20.57%. Over the past three months, total shares owned by institutions rose by 5.76%, now totaling 72,813K shares. The put/call ratio of ORIC is a promising 0.05, indicating a prevailing bullish outlook among investors.
What are Other Shareholders Doing?
Nextech Invest holds 5,286K shares, representing 7.49% ownership of the company, showing stability as there was no change in the last quarter.
VR Adviser maintains 4,395K shares, corresponding to 6.23% ownership, likewise exhibiting no change in the last reporting period.
Frazier Life Sciences Management possesses 4,143K shares, accounting for 5.87% ownership, with no recent changes in holdings.
Viking Global Investors retains 4,000K shares, equating to 5.67% ownership, also reflecting no change last quarter.
Alkeon Capital Management increased its holdings to 3,804K shares, representing 5.39% ownership; this follows a gain from 3,704K shares it previously held, showcasing an increase of 2.63%. Despite this, the firm reduced its overall portfolio allocation in ORIC by 49.55% over the last quarter, indicating a strategic shift.
ORIC Pharmaceuticals Background Information
(This description is provided by the company.)
ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. ORIC’s lead product candidate, ORIC-101, is a potent and selective small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. ORIC-101 is currently in two separate Phase 1b trials in combination with (1) Abraxane (nab-paclitaxel) in advanced or metastatic solid tumors and (2) Xtandi (enzalutamide) in metastatic prostate cancer. ORIC’s research pipeline also includes promising candidates such as ORIC-533, ORIC-944, and ORIC-114, which target critical pathways associated with cancer resistance. With offices in South San Francisco and San Diego, California, ORIC is at the forefront of developing innovative therapies aimed at addressing significant unmet medical needs in oncology.
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**Interview with Dr. Sarah Thompson, Biotech Analyst at Wells Fargo**
**Editor:** Welcome, Dr. Thompson. Thank you for joining us today to discuss ORIC Pharmaceuticals and the recent coverage initiated by Wells Fargo.
**Dr. Thompson:** Thank you for having me! It’s a pleasure to be here.
**Editor:** Let’s dive right in. On October 31, 2024, Wells Fargo initiated coverage of ORIC Pharmaceuticals with an “Overweight” recommendation. What does this mean for investors?
**Dr. Thompson:** An “Overweight” recommendation suggests that we believe ORIC is poised for significant growth compared to its peers. Our analysis indicates that the company has strong potential in the biopharmaceutical sector, despite the challenges they currently face, including a projected annual non-GAAP EPS of -2.71.
**Editor:** That’s intriguing! The average one-year price target is set at $19.12 per share, indicating a potential 103.89% upside from its recent closing price. What factors contribute to this optimistic growth forecast?
**Dr. Thompson:** Yes, the price target reflects investor confidence. ORIC is working on innovative therapies designed to overcome resistance in cancer treatment, which could lead to substantial revenue growth if their products gain market approval. Moreover, we have seen an increase in institutional interest, with 280 funds reporting positions in ORIC, which further bolsters our outlook.
**Editor:** Speaking of institutional interest, can you elaborate on the recent changes in holdings reported by major stakeholders?
**Dr. Thompson:** Absolutely. Notably, Nextech Invest and VR Adviser held steady with their positions, while Alkeon Capital Management increased its holdings marginally, despite reducing its overall allocation. This indicates cautious optimism among institutional investors, reflecting a stable yet strategic approach to their investment in ORIC.
**Editor:** The put/call ratio of ORIC is reported as a promising 0.05. How should potential investors interpret this figure?
**Dr. Thompson:** A low put/call ratio like this generally signals a bullish sentiment among investors, indicating that they expect the stock price to rise. It’s a sign of confidence in ORIC’s operational direction and future potential.
**Editor:** Lastly, with ORIC’s focus on overcoming cancer treatment resistance, how do you see their position evolving?
**Dr. Thompson:** ORIC is at a critical juncture where successful clinical trials and subsequent product approvals could redefine its trajectory. If they can surmount the current challenges, including the negative EPS, they have the potential to capture a significant share of the biopharmaceutical market — especially as cancer treatment continues to be a high priority globally.
**Editor:** Thank you so much, Dr. Thompson, for sharing your insights on ORIC Pharmaceuticals. It sounds like an exciting time for the company and its investors.
**Dr. Thompson:** Thank you! I appreciate the opportunity to discuss it, and I look forward to seeing how ORIC progresses in the coming years.
