ORIC Pharma jumps on promising data from prostate cancer drug trial

Shares of ORIC Pharmaceuticals ORIC.O rise 21.4% to $7.25 premarket

On Wednesday, ORIC said its experimental prostate cancer drug, ORIC-944, in combination with other treatments reduced prostate-specific antigen levels in 59% of patients in an early-stage trial

Brokerage Guggenheim says the therapy is "well-positioned as a fast-follower within the large prostate cancer market, addressing a potential multi-billion dollar commercial opportunity if successful"

Separately, co announced a $125 mln private placement financing to support development of the drug

Co will sell about 19.2 mln shares of its common stock at a price of $6.50/share, a 8.9% premium to the stock's Wednesday close

ORIC says the funds will support its operations into the H2 of 2027

As of last close, ORIC down 26% YTD