10 Worst Cancer Stocks To Buy Now According to Short Sellers

2. ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)

Short % of Float: 28.47%

Number of Hedge Fund Holders: 20

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) is a biotech firm based in California, dedicated to developing innovative treatments for cancer, particularly those resistant to conventional chemotherapy.

Stifel recently initiated coverage of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) with a Buy rating and a price target of $20.00. The firm emphasized the company’s potential in the prostate cancer treatment market, particularly with its ORIC-944 product, which is slated to enter Phase 3 trials in 2025. ORIC-944, which targets metastatic castration-resistant prostate cancer (mCRPC), employs PRC2 inhibition combined with androgen receptor pathway inhibitors (ARPIs). Stifel noted that PRC2 inhibition could achieve success similar to the ARPI class, which generated approximately $5 billion in sales over the past decade. Additionally, ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) is developing a second asset, an EGFR TKI, expected to produce valuable data from Phase 1b trials in early 2025.

The company recently bolstered its financial position with a $125 million private placement from healthcare specialist funds in January 2024. As of March 31, 2024, ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) reported $331.5 million in cash, cash equivalents, and investments, which it anticipates will support its operations through late 2026.

As of June 30, Andreas Halvorsen’s Viking Global is the largest shareholder in ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC), with a stake valued at $28.28 million.