JPMorgan analyst Anupam Rama added Oric Pharmaceuticals to the firm’s Analyst Focus List as a near-term idea with an Overweight rating and $16 price target. The shares are currently trading at a negative enterprise value after a difficult 2022, but there is a "meaningful value creation story emerging" with three Phase 1b trials reading out in the first half of 2023, Rama tells investors in a research note. The analyst sees a "choose your own adventure(s) or pick your favorite catalyst" scenario forming, saying positive updates from any one of these programs "have the potential to create meaningful value."
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