SOUTH SAN FRANCISCO and SAN DIEGO - ORIC Pharmaceuticals, Inc. (NASDAQ: ORIC), a clinical stage biopharmaceutical company, has recently shared updates on its ongoing clinical trials, including early safety and efficacy data for its drug candidate ORIC-944, in combination with apalutamide, for treating metastatic castration-resistant prostate cancer (mCRPC). The company also announced a new collaboration with Johnson & Johnson to evaluate another drug candidate, ORIC-114, in first-line treatment of non-small cell lung cancer (NSCLC) patients with specific mutations.
According to the press release, as of December 10, 2024, ORIC completed the first two dose escalation cohorts of ORIC-944 with apalutamide, observing promising prostate-specific antigen (PSA) decreases and a well-tolerated safety profile. The company expects to report seven data readouts across the ORIC-114 and ORIC-944 clinical programs over the next 18 months, with potential initiation of registrational trials in the second half of 2025 and early 2026.[Want deeper insights into ORIC's financial health and growth potential? InvestingPro subscribers have access to exclusive analysis and 7 additional ProTips.]
In 2024, ORIC achieved key milestones, including initiating multiple cohorts for ORIC-114 in NSCLC and ORIC-944 in mCRPC, establishing strategic collaborations, and securing a $125 million private investment to extend its cash runway into late 2026. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 13.15 and minimal debt-to-equity ratio of 0.04, though it's currently burning through cash rapidly. The company's president and chief executive officer, Jacob M. Chacko, M.D., highlighted these accomplishments as positioning the company for progress in 2025 and beyond.
ORIC-114 is described as a brain-penetrant, orally bioavailable inhibitor targeting EGFR/HER2 mutations, and ORIC-944 is an allosteric inhibitor of the polycomb repressive complex 2 (PRC2), both being developed for various cancers. The company's cash, cash equivalents, and investments totaled $282.4 million as of September 30, 2024, which is expected to fund operations into late 2026. Analysts maintain a strong buy consensus on the stock, with price targets ranging from $13 to $25, suggesting significant upside potential despite current market volatility.
The company plans to present at the 43rd Annual J.P. Morgan Healthcare Conference on Tuesday, January 14, 2025. This news article is based on a press release statement and aims to provide an unbiased summary of ORIC Pharmaceuticals' recent developments and future plans. For comprehensive financial analysis and real-time updates on ORIC's performance, visit InvestingPro.
In other recent news, ORIC Pharmaceuticals has made significant strides in its drug development program. The company's drug candidate, ORIC-114, has shown encouraging results in preclinical studies, displaying superior potency and selectivity compared to other EGFR inhibitors in treating non-small cell lung cancer (NSCLC). Additionally, ORIC has initiated dosing for its lead product, ORIC-944, in a Phase 1b trial for metastatic prostate cancer, in collaboration with Bayer (OTC:BAYRY) and Janssen Research & Development.
Jones Trading has initiated coverage on ORIC Pharmaceuticals with a Buy rating and a price target of $17.00, citing the company's focus on developing targeted therapeutics for NSCLC and metastatic prostate cancer. Stifel, H.C. Wainwright, and Citi have also maintained Buy ratings, with varying price targets. Oppenheimer maintains an Outperform rating, despite revising down ORIC's price target from $17 to $15.
These recent developments highlight ORIC Pharmaceuticals' ongoing commitment to advancing its drug development programs. The firm's analyst coverage reflects a positive outlook on the company's potential, with a particular emphasis on its progress in NSCLC and prostate cancer treatments.
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