Oppenheimer analyst Matthew Biegler upgraded Oric Pharmaceuticals to Outperform from Perform with a $14 price target. The analyst "really" likes the setup for the shares into the second half of 2023 with three Phase 1 readouts by the end of the year. Since pivoting away from ORIC-101 about a year ago, Oric has been in "blocking and tackling mode while shares understandably languished," the analyst tells investors in a research note. However, "now is the time things could get interesting," writes the firm. It says the company’s pipeline is "differentiated and well-diversified, yet the stock currently trades below cash."
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