Oruka Therapeutics (NASDAQ:ORKA) Shares Gap Down – What’s Next?

Oruka Therapeutics, Inc. (NASDAQ:ORKA)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $34.46, but opened at $33.50. Oruka Therapeutics shares last traded at $35.2980, with a volume of 413,459 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on ORKA. Jefferies Financial Group started coverage on Oruka Therapeutics in a report on Thursday, November 13th. They issued a “buy” rating and a $45.00 target price on the stock. Guggenheim began coverage on Oruka Therapeutics in a research report on Monday, October 27th. They set a “buy” rating and a $60.00 target price on the stock. BTIG Research upped their price target on Oruka Therapeutics from $63.00 to $73.00 and gave the company a “buy” rating in a report on Monday, January 12th. Piper Sandler initiated coverage on shares of Oruka Therapeutics in a report on Thursday, December 18th. They set an “overweight” rating and a $75.00 price objective on the stock. Finally, HC Wainwright lowered their target price on shares of Oruka Therapeutics from $45.00 to $40.00 and set a “buy” rating for the company in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Oruka Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $50.67.

Oruka Therapeutics Trading Up 2.3%

The company has a 50 day simple moving average of $29.93 and a 200 day simple moving average of $22.56. The stock has a market capitalization of $1.71 billion, a PE ratio of -18.55 and a beta of -0.39.

Oruka Therapeutics (NASDAQ:ORKA) last released its earnings results on Wednesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.01. On average, equities research analysts predict that Oruka Therapeutics, Inc. will post -3.41 EPS for the current year.

Insider Activity

In other news, insider Joana Goncalves sold 7,000 shares of the business’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $31.81, for a total transaction of $222,670.00. Following the transaction, the insider directly owned 1,518 shares in the company, valued at $48,287.58. The trade was a 82.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 24.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Oruka Therapeutics

A number of large investors have recently modified their holdings of the business. Fairmount Funds Management LLC boosted its stake in shares of Oruka Therapeutics by 9.9% in the third quarter. Fairmount Funds Management LLC now owns 3,705,262 shares of the company’s stock valued at $71,252,000 after buying an additional 333,340 shares in the last quarter. Viking Global Investors LP acquired a new position in shares of Oruka Therapeutics during the 3rd quarter worth $51,280,000. Deep Track Capital LP increased its holdings in shares of Oruka Therapeutics by 38.4% in the 3rd quarter. Deep Track Capital LP now owns 2,654,781 shares of the company’s stock valued at $51,051,000 after purchasing an additional 735,983 shares in the last quarter. Commodore Capital LP boosted its holdings in Oruka Therapeutics by 23.5% during the third quarter. Commodore Capital LP now owns 1,753,054 shares of the company’s stock worth $33,711,000 after buying an additional 333,340 shares in the last quarter. Finally, Avoro Capital Advisors LLC acquired a new position in Oruka Therapeutics during the third quarter worth about $25,640,000. 56.44% of the stock is owned by hedge funds and other institutional investors.

About Oruka Therapeutics

Oruka Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of novel peptide‐based therapies for oncology. The company’s proprietary stapled peptide platform is designed to selectively disrupt intracellular protein–protein interactions that drive tumor growth and immune evasion. By combining the specificity of biologics with the cell‐permeability of small molecules, Oruka aims to target cancer pathways that have been historically considered “undruggable.”

The company’s lead candidate, ONCT-01, is currently in Phase 1 clinical trials for patients with advanced solid tumors, assessing safety, tolerability and preliminary efficacy.