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Cantor Fitzgerald Initiated Coverage of ORIC Pharmaceuticals (NASDAQ: ANY) with a rating of overweight, citing the potential of its oncology drug ORIC-114.
Cantor said he believes ORIC-114 has a “high likelihood of emerging as a best-in-class drug and fully supports the current evaluation.” The drug, an oral inhibitor of EGFR/HER2 exon 20, is being tested for metastatic tumors.
The investment bank said it sees the global market for the drug exceeding $2.5 billion, excluding China, if developed for EGFR, HER2 and atypical EGFR cancers. Unadjusted peak sales of approximately $700 million are expected across the three market segments, with a 65% probability of success.
Cantor also believes the company’s prostate cancer drug candidate, ORIC-944, has a “very attractive” risk/reward ratio.