ORIC Pharmaceuticals Stock Tanks 30% After It Discontinues ORIC-101

Shares of ORIC Pharmaceuticals, Inc. (ORIC) tanked nearly 30% on Tuesday morning after the company announced the discontinuation of ORIC-101.

ORIC is currently trading at $4.7550, down $1.9250 or 28.8174%, on the Nasdaq, on a heavy volume of 1 million shares, above average volume of 250 thousand shares.

The company announced decision to discontinue development of ORIC-101.

The company said it will focus on advancing its three single agent Phase 1 programs, ORIC-533 in multiple myeloma, ORIC-114 in EGFR/HER2 cancers, and ORIC-944 in prostate cancer, with initial data expected from the three programs in first half of 2023.

"We are disappointed in the outcome of the ORIC-101 studies in combination with nab-paclitaxel in various solid tumors and in combination with enzalutamide in metastatic prostate cancer, two late-line patient populations for whom limited treatment options exist today. We believe both studies were well designed, allowing us to thoroughly and efficiently answer an important clinical question. With this decision to discontinue ORIC-101 development, we would like to thank the investigators, site staff, the ORIC team, and most importantly, patients and families who participated in the trials," said Pratik Multani, chief medical officer.

Further, the company also reported fourth-quarter loss of $22.8 million or $0.58 per share, compared to last year's loss of $28.3 million or $0.84 per share last year.

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