Oric Pharmaceuticals price target raised to $20 from $12 at Wedbush

Wedbush raised the firm’s price target on Oric Pharmaceuticals (ORIC) to $20 from $12 and keeps an Outperform rating on the shares. Pfizer (PFE) updated data for its Phase 1 study of its enhancer of zeste homolog 2 inhibitor mevrometostat in combination with enzalutamide in second line metastatic castration-resistant prostate cancer patients who had prior abiraterone with or without enzalutamide, and announced plans to initiate two Phase 3 studies evaluating mevrometostat and enzalutamide in 2H24, the analyst tells investors in a research note. Meanwhile, based on preclinical data which showed potent efficacy in both androgen-insensitive and enzalutamide-resistant models, and the available pharmacokinetics data for ORIC-944, Wedbush sees a high likelihood of seeing robust efficacy when the combination study reads out.