ORIC Pharma rises as H.C.Wainwright upgrades to 'buy' on cancer drug potential

Cullinan Therapeutics

23/03/2023 16:24

** Shares of drug developer ORIC Pharmaceuticals Inc
 ORIC.O  rise 13.6% to $5.25
    ** H.C.Wainwright upgrades ORIC to "buy" from "neutral",
citing the potential of co's experimental cancer drug ORIC-144
in treating a type of lung and breast cancer
    ** Sets PT of $16, adds pipeline programs to brokerage's
valuation 
    ** Expects peak penetration of 30% in both initial treatment
and second-line treatment setting
    ** Sees initial U.S. market entry in 2026 in the second-line
treatment setting and a 40% probability of approval
    ** Adds that Blueprint  Medicine's  BPMC.O  BLU-451 is the 
major competitor to ORIC-114
    ** Beyond ORIC-114, brokerage also sees potential for 
ORIC-533 in treating multiple myeloma
    ** Stock lost ~60% in 2022
    

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))