On Thursday, H.C. Wainwright adjusted its outlook on ORIC Pharmaceuticals (NASDAQ:ORIC), increasing the price target to $21 from $15, while reaffirming a Buy rating on the stock. This update follows the company's recent announcement of its 2023 financial results.
ORIC Pharmaceuticals reported a net loss of $0.49 per share for the year, which was closely aligned with the anticipated $0.47 per share. The research and development (R&D) expenses amounted to $24.5 million, and selling, general, and administrative (SG&A) expenses were reported at $6.9 million. These figures showed a slight increase from the previously estimated $23.3 million for R&D and $6.5 million for SG&A expenses.
Looking ahead, H.C. Wainwright has revised its projection for ORIC's full-year 2024 net loss to $1.78 per share, down from the former estimate of $2.09 per share. The revision comes after evaluating the company's financial performance and future prospects.
The firm highlighted that ORIC ended the third quarter of 2023 with a strong balance sheet, boasting $351.8 million in pro forma cash, cash equivalents, and marketable securities. According to company management, these reserves are expected to fund operations into late 2026, ensuring the company can navigate through multiple clinical data readouts.
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