Oruka Therapeutics (NASDAQ:ORKA) Shares Down 5.4% - Here's Why

Key Points

• Oruka Therapeutics (NASDAQ:ORKA) saw its stock price decrease by 5.4% during trading, closing at $15.27 after reaching a low of $15.23.
• Despite the recent drop in stock price, analysts maintain a generally positive outlook, with a consensus rating of "Buy" and a price target averaging $40.38.
• Institutional investors have shown increased interest, with several firms acquiring stakes and a notable 464% increase in BNP Paribas Financial Markets' holdings during the second quarter.

Oruka Therapeutics, Inc. (NASDAQ:ORKA - Get Free Report) shares traded down 5.4% during trading on Friday . The company traded as low as $15.23 and last traded at $15.27. 39,854 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 238,037 shares. The stock had previously closed at $16.15.

Analysts Set New Price Targets

ORKA has been the topic of several analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $45.00 price objective on shares of Oruka Therapeutics in a research report on Monday, August 18th. Wedbush restated an "outperform" rating and issued a $40.00 price objective on shares of Oruka Therapeutics in a research note on Tuesday, August 12th. BTIG Research initiated coverage on shares of Oruka Therapeutics in a report on Thursday, May 22nd. They set a "buy" rating for the company. Finally, Wall Street Zen downgraded shares of Oruka Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $39.60.

Oruka Therapeutics Price Performance

The stock's fifty day simple moving average is $14.73 and its 200-day simple moving average is $12.11.

Oruka Therapeutics (NASDAQ:ORKA - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.02. As a group, equities research analysts anticipate that Oruka Therapeutics, Inc. will post -3.41 EPS for the current year.

Hedge Funds Weigh In On Oruka Therapeutics

A number of hedge funds have recently modified their holdings of ORKA. Legal & General Group Plc acquired a new position in Oruka Therapeutics in the second quarter worth about $28,000. Ameritas Investment Partners Inc. bought a new position in shares of Oruka Therapeutics during the second quarter worth $31,000. BNP Paribas Financial Markets lifted its position in Oruka Therapeutics by 464.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,803 shares of the company's stock valued at $31,000 after acquiring an additional 2,306 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in Oruka Therapeutics in the 2nd quarter valued at $68,000. Finally, New York State Common Retirement Fund acquired a new stake in Oruka Therapeutics in the 2nd quarter valued at $96,000. 56.44% of the stock is owned by institutional investors and hedge funds.

About Oruka Therapeutics

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.