ORIC Rises on Team-Up With Pfizer for Multiple Myeloma Study
ORIC Pharmaceuticals, Inc. ORIC announced that it has entered into a clinical development collaboration with pharma giant Pfizer PFE for a potential phase II study evaluating ORIC-533 for multiple myeloma.
Per the deal, the companies will investigate ORIC’s oral CD73 inhibitor, ORIC-533 in combination with Pfizer’s investigational BCMA-CD3-targeted bispecific antibody, elranatamab for treating multiple myeloma.
The partnership will leverage PFE’s global expertise to advance the clinical development program for ORIC-533. ORIC will retain full ownership of ORIC-533.
With this deal, ORIC also received an equity investment of $25 million from PFE. ORIC plans to use this funding for its ongoing clinical studies and the development of its pipeline candidates.
With the equity investment from Pfizer, ORIC expects its cash runway to be extended into the first half of 2025.
Shares of ORIC were up 51.6% in after-hours trading on Wednesday following the announcement of the news. The stock has plunged 79.6% year to date compared with the industry’s decline of 20.5%.
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Other than ORIC-533, the company’s portfolio of pipeline candidates includes ORIC-114: EGFR/HER2 inhibitor, and ORIC-944: PRC2 inhibitor.
In the third quarter of 2022, the company received clearance for the investigational new drug application for ORIC-114 from the FDA in the United States.
A phase Ib study is investigating ORIC-114 as a single agent for the treatment of patients with advanced solid tumors with EGFR or HER2 exon 20 alterations or HER2 amplification in South Korea. The company plans to report initial data from this study in the first half of 2023.
A phase Ib study is evaluating ORIC-944 as a single agent for treating patients with metastatic prostate cancer. The company expects to report initial data from this study in the first half of 2023.
ORIC’s portfolio currently does not have any approved product. Hence, in the absence of a marketed product, pipeline development remains in key focus for the company. Any developmental setback will hurt the company’s stock in the days ahead.
Zacks Rank & Stocks to Consider
ORIC currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are ASLAN Pharmaceuticals Limited ASLN and Immunocore Holdings plc IMCR, both carrying a Zacks Rank #2 (Buy) at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Loss per share estimates for ASLAN Pharmaceuticals have narrowed 7.7% for 2022 and 7.4% for 2023 in the past 60 days.
Earnings of ASLAN Pharmaceuticals surpassed estimates in two of the trailing four quarters and missed on the remaining two occasions. ASLN witnessed an earnings surprise of 1.64% on average.
Loss per share estimates for Immunocore have narrowed 56.8% for 2022 and 58.5% for 2023 in the past 60 days.
Earnings of Immunocore surpassed estimates in three of the trailing four quarters and missed on the remaining occasion. IMCR witnessed an earnings surprise of 68.34% on average.
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