Oric Pharma rises as Citi ups to 'buy' on cancer drug promise

ORIC Pharmaceuticals

04/04/2022 12:04

** Drug developer's shares  ORIC.O  up 6.5% at $7.03
premarket 
    ** Citi upgrades Oric to "buy" from "neutral", citing the
potential of company's experimental drug ORIC-533 in treating 
multiple myeloma
    ** The drug works by inhibiting CD73, a cell surface enzyme
that promotes tumor growth
    ** Citi estimates peak sales of ~$960 mln for the drug
    ** Pharma investors should be paying close attention to CD73
inhibitors as the industry searches hard for the next
immunotherapy blockbuster drug - brokerage
    ** 3 of 7 brokerages rate ORIC's stock "buy" or higher, 4
"hold"; median PT $18.50 - Refinitiv Eikon
    ** Stock down 55.1% YTD

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))