ORIC Pharmaceuticals Inc. (ORIC) stock surged 9.17% in pre-market trading on Wednesday, following a positive analyst action from Jefferies.
Jefferies, a leading financial services firm, raised its price target on ORIC stock to $22 from $18, reflecting increased optimism about the company's prospects. This bullish move by Jefferies analysts likely fueled investor interest and contributed to the significant pre-market rally in ORIC shares.
While the specific reasons behind Jefferies' price target increase were not disclosed, analysts typically adjust their ratings and price targets based on factors such as updated financial projections, clinical trial results, or other developments that could affect a company's future performance.
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