Overview
H.C. Wainwright increased its 12-month price target on ORIC Pharmaceuticals to $25 from $23 and reiterated a Buy rating on the company’s stock. The firm highlighted a series of clinical milestones expected in 2026 as the principal rationale behind the adjustment.
Market moves and consensus
ORIC’s shares have climbed substantially recently, rising nearly 24% over the past week and trading at $13.42, with a market capitalization reported at roughly $1.5 billion. Analysts continue to hold a Strong Buy consensus on the name, according to cited data.
Key 2026 catalysts
H.C. Wainwright pointed to several catalysts slated for 2026. Foremost among them is dose optimization data for ORIC-944 in combination with an androgen receptor inhibitor - either apalutamide or darolutamide - expected in the first quarter. That readout is intended to guide dose selection for a planned Phase 3 registrational trial in metastatic castration-resistant prostate cancer, which ORIC expects to initiate in the first half of 2026.
The firm also flagged a program update for ORIC-944 expected in the second half of 2026 and additional updated data for enozertinib monotherapy in first-line EGFR exon 20 insertion-positive non-small cell lung cancer.
Safety and comparative tolerability
Analysts noted that ORIC-944 combined with an androgen receptor inhibitor appears substantially less toxic than a comparator regimen of mevrometostat plus enzalutamide developed by another company, a point the firm cited when discussing the program’s clinical profile.
Enozertinib efficacy data
Data disclosed in December 2025 show enozertinib produced a 60% confirmed overall response rate and a 71% intracranial confirmed overall response rate in first-line EGFR exon 20 insertion-positive NSCLC patients at the 120 mg dose. The firm observed that, given an 80% dose reduction rate in the dataset, most patients effectively received 80 mg.
In a separate subgroup of first-line EGFR PACC mutation-positive NSCLC patients, enozertinib demonstrated an 80% overall response rate and an 80% intracranial overall response rate; however, five of eight responses in that cohort remained unconfirmed at the time of the data release.
Valuation and analyst positioning
H.C. Wainwright raised its 12-month price target after pulling its discounted cash flow-based valuation forward. The stock has delivered a strong year-to-date return of 64%, yet independent analysis indicates the shares currently trade above the firm’s estimate of fair value.
Other analysts have taken action in response to ORIC’s developments. Oppenheimer reiterated an Outperform rating with a $15.00 price target. Separately, H.C. Wainwright has previously been cited with a $23.00 price target and a Buy rating, and Piper Sandler initiated coverage with an Overweight rating and a $22.00 price target, highlighting ORIC-944 as a potential best-in-class PRC2 inhibitor.
Corporate finance and program progress
On the financing front, ORIC filed a prospectus supplement related to an at-the-market equity offering program seeking to raise up to $200 million. This filing follows an earlier prospectus under which the company raised approximately $139.7 million.
The company also reported encouraging clinical activity for its PRC2 inhibitor rinzimetostat in metastatic castration-resistant prostate cancer and continues to advance that program toward a Phase 3 trial planned to begin in the first half of 2026.
Summary conclusion
H.C. Wainwright’s revised target and maintained Buy rating reflect a view that ORIC’s near-term clinical catalysts and reported trial results support continued value creation, even as the shares trade above a stated fair value estimate and the company pursues additional capital through an ATM program.