Oruka Therapeutics (NASDAQ:ORKA) Shares Gap Up Following Analyst Upgrade

Key Points

• Oruka Therapeutics (NASDAQ:ORKA) experienced a significant stock price increase, opening at $17.72 after closing at $14.90, and currently trades at $16.65 with a volume of 613,502 shares.
• Analyst ratings for Oruka vary, with BTIG Research initiating coverage with a "buy" rating, while Wall Street Zen downgraded to "sell." The average target price among analysts is $39.60.
• Institutional investors hold 56.44% of Oruka Therapeutics, with notable investments including Northern Trust Corp and ADAR1 Capital Management LLC, indicating strong institutional interest in the company.

Oruka Therapeutics, Inc. (NASDAQ:ORKA - Get Free Report) shares gapped up before the market opened on Wednesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock had previously closed at $14.90, but opened at $17.72. Oruka Therapeutics shares last traded at $16.65, with a volume of 613,502 shares trading hands.

Several other brokerages also recently issued reports on ORKA. BTIG Research upped their price target on shares of Oruka Therapeutics from $44.00 to $56.00 and gave the stock a "buy" rating in a report on Wednesday. Wedbush reiterated an "outperform" rating and set a $40.00 price target on shares of Oruka Therapeutics in a report on Tuesday, August 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $45.00 price target on shares of Oruka Therapeutics in a report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $42.00.

Institutional Investors Weigh In On Oruka Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Oruka Therapeutics in the 2nd quarter worth approximately $28,000. Ameritas Investment Partners Inc. bought a new position in Oruka Therapeutics in the 2nd quarter worth approximately $31,000. BNP Paribas Financial Markets boosted its holdings in Oruka Therapeutics by 464.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,803 shares of the company's stock worth $31,000 after buying an additional 2,306 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in Oruka Therapeutics in the 2nd quarter worth approximately $68,000. Finally, New York State Common Retirement Fund bought a new position in Oruka Therapeutics in the 2nd quarter worth approximately $96,000. 56.44% of the stock is currently owned by institutional investors.

Oruka Therapeutics Trading Down 6.2%

The company's fifty day moving average is $14.81 and its 200 day moving average is $12.20. The company has a market capitalization of $582.35 million, a P/E ratio of -5.53 and a beta of -0.26.

Oruka Therapeutics (NASDAQ:ORKA - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.02. Equities research analysts predict that Oruka Therapeutics, Inc. will post -3.41 EPS for the current year.

Oruka Therapeutics Company Profile

Oruka Therapeutics, Inc is a biotechnology company, which focuses on developing novel monoclonal antibody therapeutics for PsO and other I&I indications. Its pipeline includes ORKA-001 and ORKA-002. The company is headquartered in Menlo Park, CA.