352,824 Shares in Oruka Therapeutics, Inc. $ORKA Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 352,824 Oruka Therapeutics shares worth approximately $33.6 million, representing about 0.53% of the company. Institutional investors collectively own 56.44% of Oruka’s stock.
• Oruka shares opened at $94.55, while analysts maintain a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $133.00.
• The clinical-stage biotech reported a quarterly loss of $0.55 per share, missing estimates by $0.04. Insiders have sold approximately 122,950 shares worth $11.5 million over the past 90 days.

Bank of America Corp DE purchased a new stake in Oruka Therapeutics, Inc. (NASDAQ:ORKA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 352,824 shares of the company's stock, valued at approximately $33,578,000. Bank of America Corp DE owned approximately 0.53% of Oruka Therapeutics as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Oruka Therapeutics in the second quarter worth about $474,916,000. Jupiter Topco LLC bought a new stake in Oruka Therapeutics during the 2nd quarter valued at approximately $130,968,000. Remedium Capital Partners LLC grew its holdings in shares of Oruka Therapeutics by 0.9% during the 1st quarter. Remedium Capital Partners LLC now owns 1,565,661 shares of the company's stock worth $76,796,000 after acquiring an additional 13,247 shares during the period. Perceptive Advisors LLC grew its holdings in shares of Oruka Therapeutics by 16.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,476,501 shares of the company's stock worth $44,753,000 after acquiring an additional 208,480 shares during the period. Finally, Avidity Partners Management LP raised its position in shares of Oruka Therapeutics by 15.1% in the 1st quarter. Avidity Partners Management LP now owns 760,424 shares of the company's stock worth $37,299,000 after acquiring an additional 100,000 shares in the last quarter. 56.44% of the stock is owned by hedge funds and other institutional investors.

Oruka Therapeutics Stock Up 1.3%

ORKA opened at $94.55 on Wednesday. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -46.58 and a beta of -0.34. The firm has a 50 day moving average price of $96.72 and a 200-day moving average price of $74.92. Oruka Therapeutics, Inc. has a twelve month low of $14.89 and a twelve month high of $115.51.

Oruka Therapeutics (NASDAQ:ORKA - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.04). As a group, analysts expect that Oruka Therapeutics, Inc. will post -2.42 earnings per share for the current year.

Insider Activity at Oruka Therapeutics

In related news, insider Joana Goncalves sold 7,947 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $92.38, for a total transaction of $734,143.86. Following the completion of the sale, the insider owned 31,771 shares in the company, valued at approximately $2,935,004.98. This represents a 20.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Arjun Agarwal sold 533 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $95.75, for a total value of $51,034.75. Following the completion of the transaction, the senior vice president directly owned 14,219 shares in the company, valued at approximately $1,361,469.25. This represents a 3.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 122,950 shares of company stock worth $11,528,806. 23.49% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. BTIG Research restated a "buy" rating and set a $151.00 target price on shares of Oruka Therapeutics in a report on Tuesday, August 11th. Piper Sandler reaffirmed an "overweight" rating and set a $180.00 price objective on shares of Oruka Therapeutics in a research report on Tuesday, June 2nd. Wall Street Zen cut Oruka Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Wedbush reissued an "outperform" rating and issued a $165.00 target price on shares of Oruka Therapeutics in a report on Tuesday, August 11th. Finally, Mizuho set a $120.00 target price on Oruka Therapeutics in a research note on Thursday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $133.00.

Oruka Therapeutics Company Profile

Oruka Therapeutics, Inc NASDAQ: ORKA is a clinical-stage biotechnology company developing long-acting monoclonal antibody therapies for immune-mediated diseases. The company's research is focused on creating medicines that may allow less frequent dosing than existing biologic treatments.

Oruka's initial development programs are aimed at inflammatory conditions, including psoriasis. Its pipeline includes engineered antibody candidates designed to target important immune pathways, including interleukin-23 and interleukin-17.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.