2025-05-29-Jefferies-奥里克（ORIC）_在转移性去势抵抗性前列腺癌（mCRPC）中_早期_944前列腺特异性抗原（PSA）反应及安全性相较于辉瑞（PFE）表现良好_更佳_8页_128kb

Summary of Oric Pharmaceuticals (ORIC) Equity Research Report

Rating and Price Target:

• Equity research recommends "BUY" with a price target of $22, up from a prior trading price of $5.97, representing potential upside of +269%.

Recent Data and Comparisons:

• ORIC's early Phase I/II study of the '944 combo (with apalutamide/darolutamide in mCRPC) showed superior PSA responses (47% confirmed PSA50 across cohorts) and better safety (higher drug-like properties leading to fewer adverse events, compare to Pfizer's mevro in ASCO GU). OrIC's data suggests potential benefits for rPFS (radiographic progression-free survival).

Market Opportunity:

• Large US TAM of $7B+ in prostate cancer treatment settings, with Derisking catalysts including upcoming data and market expansion into prior-anti-androgen receptor therapy (ARPi) settings.

Future Events:

• Expected catalysts: Top-line data from first Phase III trial starting in 1H26 (FDA meeting), ongoing analysis of combo data, and further studies in earlier-line prostate cancer.

Company Overview:

• ORIC develops small-molecule glucocorticoid receptor antagonists; lead candidate ORIC-101 targets mCRPC and other solid tumors.

Risks and Valuation:

• Risks: Pitfalls in efficacy, toxicity, and competition; valuation based on DCF and probability-adjusted analyses, supported by relative P/E and PEG ratios.
• Post-report price movement: Stock rose +20% yesterday, reflecting positive catalyst anticipation.

Analyst Background:

• Report authored by Jefferies analysts with no compensation ties to recommendations; includes detailed risk disclosures and conflicts of interest.