SOUTH SAN FRANCISCO - ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical-stage company focusing on cancer treatment resistance, has presented preclinical data on its drug candidate ORIC-114 at the EORTC-NCI-AACR Symposium. The data highlights the drug's potential as a treatment for non-small cell lung cancer (NSCLC) with certain mutations.
The company's chief scientific officer, Lori Friedman, Ph.D., stated that the preclinical results demonstrate ORIC-114's superior potency and selectivity compared to other EGFR inhibitors. According to the data, ORIC-114 showed tumor regression in all EGFR mutant models tested, including complete responses in a complex atypical mutant EGFR model.
In comparative analyses, ORIC-114 displayed higher potency across EGFR mutational classes while maintaining selectivity similar to that of other inhibitors in cell-based assays. Additionally, no off-target kinase liabilities were identified, suggesting a favorable safety profile.
ORIC-114 has also shown complete molecular responses in circulating tumor DNA from patients with EGFR exon 20 insertion and PACC mutations in a Phase 1 dose escalation study. These findings support the drug's broad therapeutic window.
The drug is currently being evaluated in a global clinical trial for NSCLC patients with EGFR exon 20, HER2 exon 20, and atypical EGFR mutations, with updated data expected in the first half of 2025.
ORIC-114 is an irreversible inhibitor targeting EGFR exon 20, HER2 exon 20, and atypical EGFR mutations. Its brain penetration and oral bioavailability make it a promising candidate for addressing systemic and CNS antitumor activity needs.
The information in this article is based on a press release statement from ORIC Pharmaceuticals.
In other recent news, ORIC Pharmaceuticals has seen a flurry of activity with significant developments in recent times. The company 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. This trial aims to evaluate the drug's safety and efficacy in combination with other treatments.
Stifel has started coverage on ORIC Pharmaceuticals with a Buy rating and a target of $20, emphasizing the company's potential in the prostate cancer treatment market. The firm anticipates ORIC-944 to enter phase 3 trials in 2025.
H.C. Wainwright has maintained its Buy rating and $21 price target for ORIC Pharmaceuticals, undeterred by new data presented by competitor Ipsen at the recent European Society for Medical Oncology conference. The firm advised against comparing these results with those of Pfizer (NYSE:PFE)'s mevrometostat in Phase 1, citing differences in patient populations and baseline disease measurability.
In addition, Citi has adjusted its price target for ORIC from $15 to $14, maintaining a 'Buy' rating, following insights into these future clinical developments. Lastly, Oppenheimer has revised down ORIC's price target from $17 to $15 ahead of the company's fourth fiscal quarter results, maintaining an Outperform rating. The projections include a year-over-year increase of 5.9% and a quarter-over-quarter rise of 5.6%.
InvestingPro Insights
As ORIC Pharmaceuticals continues to make strides in its cancer treatment research, investors may find value in examining the company's financial health. According to InvestingPro data, ORIC's market capitalization stands at $614.42 million, reflecting the market's current valuation of the company's potential.
An InvestingPro Tip highlights that ORIC holds more cash than debt on its balance sheet, which could provide the company with financial flexibility to fund its ongoing research and clinical trials. This is particularly important for a clinical-stage biopharmaceutical company like ORIC, as it navigates the costly process of drug development and regulatory approvals.
However, another InvestingPro Tip indicates that ORIC is quickly burning through cash. This is not uncommon for companies in the research-intensive pharmaceutical sector, especially those focusing on innovative cancer treatments. The company's operating income for the last twelve months as of Q2 2024 was -$125.12 million, underscoring the significant investments being made in research and development.
Despite these financial challenges, ORIC's stock has shown a strong performance over the past year, with a 1-year price total return of 59.52% as of the latest data. This suggests that investors may be optimistic about the company's pipeline, including the potential of ORIC-114 as highlighted in the article.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 7 more InvestingPro Tips available for ORIC Pharmaceuticals, which could provide a deeper understanding of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.