Oric rally spurred by Pfizer trial update, says Oppenheimer

Oppenheimer says the 32% rise in Oric Pharmaceuticals (ORIC) shares since June 28 is likely in response to an update posted by Pfizer (PFE) on clinicaltrials.gov relating to changes to its ongoing mevrometostat trial. Among a number of otherwise minor changes, one alteration in particular stood out is the radiographic progression free survival has now been added as a primary endpoint, the analyst tells investors in a research note. The firm thinks the update bodes well for mevrometostat as well as ORIC-944, Oric’s PRC2 inhibitor which works on the same axis as mevrometostat. Opco keeps an Outperform rating on Oric Pharmaceuticals with a $17 price target.