JPMorgan Maintains Overweight on Oric Citing 55% PSA50 Response and Phase 3 Timeline
JPMorgan maintained its Overweight rating on Oric Pharmaceuticals after a 16% share pullback due to competitor news, highlighting the 55% PSA50 response of its lead asset rinzimetostat and a projected Phase 3 trial start in H1 2026. Oric holds $392.3 million in cash, securing funding into second half of 2028.
1. Rating and Market Reaction
JPMorgan maintained its Overweight rating on Oric Pharmaceuticals after shares declined 16.07% over the past week driven by unrelated competitor developments. The firm views the pullback as unjustified given the company’s differentiated oncology pipeline.
2. Lead Asset Clinical Data
Oric’s lead asset, rinzimetostat, demonstrated a 55% PSA50 response rate in metastatic castration-resistant prostate cancer, supporting a planned Phase 3 trial initiation in the first half of 2026. Its second program, enozertinib, has shown a 67% overall response rate in first-line EGFR exon 20 lung cancer with a 100% intracranial response rate.
3. Financial Position and Outlook
Oric holds $392.3 million in cash, extending its funding runway into the second half of 2028. Shares have risen 42.42% year-to-date, while consensus analyst targets sit near $21.23 compared to the current trading level.