Oric Pharmaceuticals price target raised to $17 from $14 at Oppenheimer

Oppenheimer analyst Matthew Biegler raised the firm’s price target on Oric Pharmaceuticals (ORIC) to $17 from $14 and keeps an Outperform rating on the shares following quarterly results. The firm is “pleased” with management’s execution, adding in strategic financing on the heels of ORIC-114 and ORIC-944 data. If forced to choose, Oppenheimer says it thinks ORIC-944 is more exciting right now given arguably a higher unmet need and the degree to which Pfizer (PFE) has been talking up its own PRC2/EZH2 program. That’s not to say ‘114 isn’t interesting, and the firm believes there’s a defined playbook that Oric can follow for approval in CNS lesions and beyond. However, given imminent data from Pfizer, Oppenheimer thinks most investors’ focus will be on ‘944 for the remainder of the year and remain bullish on the program.