SOUTH SAN FRANCISCO, Calif. – ORIC Pharmaceuticals, Inc. (NASDAQ: ORIC), a clinical-stage oncology company, has initiated the dosing of ORIC-944 in combination with other drugs as a potential treatment for metastatic prostate cancer (mCRPC). The company announced the commencement of this phase of the Phase 1b trial earlier in the first half of 2024.
The trial is exploring the effects of ORIC-944, a selective inhibitor of the polycomb repressive complex 2 (PRC2), in combination with darolutamide and apalutamide, two androgen receptor (AR) inhibitors. These AR inhibitors are provided by Bayer (OTC:BAYRY) and Janssen Research & Development, LLC, a Johnson & Johnson company, as part of a clinical trial collaboration and supply agreement.
The study includes a dose escalation and expansion portion to evaluate the safety and efficacy of the combinations. ORIC-944 has previously shown potential as a monotherapy with a favorable safety profile and robust target engagement.
Jacob M. Chacko, M.D., president and chief executive officer of ORIC Pharmaceuticals, expressed optimism about the combinations based on preclinical findings and emerging clinical data. At the AACR Annual Meeting earlier this year, the combination of ORIC-944 with AR inhibitors demonstrated synergy in multiple prostate cancer models and the potential to reprogram prostate cancer to revert to an AR-dependent state.
Despite the promising outlook, the company cautions that the clinical data is subject to change as more data become available. ORIC maintains full global development and commercial rights to ORIC-944.
The company is dedicated to overcoming resistance in cancer and has other product candidates in development, including ORIC-114 and ORIC-533, targeting different resistance mechanisms in cancer.
This news is based on a press release statement and the information is subject to change as the trials progress. The statements made are forward-looking and actual results may differ materially from those projected.
"In other recent news, ORIC Pharmaceuticals has been the subject of a revised outlook from Citi, following the company's first quarter 2024 update. Citi has reduced its price target from $15 to $14, while maintaining a 'Buy' rating for ORIC Pharmaceuticals.
The firm's adjustment comes after ORIC Pharmaceuticals provided insights into future clinical developments, including the initiation of combination trials for its drug candidate, ORIC-944, a PRC2 inhibitor. The company has also indicated plans to share a Phase 1b program update in mid-2024.
Furthermore, ORIC Pharmaceuticals has shared data about the monotherapy application of ORIC-944 in metastatic prostate cancer, revealing a clean safety profile and strong target engagement. This information was noted by Citi as potentially differentiating ORIC-944 in the treatment landscape.
In addition, Pfizer (NYSE:PFE)'s anticipated Phase 1 update in 2024 for its PRC2/EZH2 inhibitor, mevrometostat, could serve as a de-risking catalyst for ORIC-944, highlighting the competitive environment in which ORIC Pharmaceuticals operates.
Looking ahead, ORIC Pharmaceuticals has projected the release of updated Phase 1b data for another drug candidate, ORIC-114, in the first half of 2025. Initial results from October 2023 suggested a competitive position for ORIC-114, which could impact the company's portfolio and prospects.
These recent developments reflect ORIC Pharmaceuticals' ongoing progress in its oncology pipeline, as it focuses on treatments for metastatic prostate cancer and brain-penetrant therapies."
InvestingPro Insights
As ORIC Pharmaceuticals, Inc. (NASDAQ: ORIC) forges ahead with its Phase 1b trial for ORIC-944, investors and industry observers are closely monitoring the company's financial health and stock performance.
According to real-time data from InvestingPro, ORIC's Market Cap stands at $742.32M, reflecting the market's current valuation of the company. Despite the company's focus on innovative cancer treatments, it is important to note that the P/E Ratio is negative at -6.15, with an adjusted P/E Ratio for the last twelve months as of Q1 2024 at -7.28, indicating that the company is not currently profitable.
Investors may find solace in the fact that ORIC has more cash than debt on its balance sheet, an InvestingPro Tip that suggests a level of financial stability. Moreover, with 5 analysts having revised their earnings upwards for the upcoming period, there is an indication of potential optimism regarding the company's future financial performance.
On the stock performance front, ORIC has demonstrated a significant return over the last week, with a 15.1% price total return, and an even more impressive 43.52% return over the last month. This suggests a strong recent uptrend in the stock's market value, which may interest traders and investors looking for growth opportunities.
For those seeking a deeper dive into ORIC Pharmaceuticals' financial metrics and stock analysis, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available, which can provide a more comprehensive understanding of the company's potential and risks. To explore these insights, visit https://www.investing.com/pro/ORIC and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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