Oruka Therapeutics (NASDAQ:ORKA) Trading 7.1% Higher - Here's Why

Key Points

• Oruka Therapeutics stock rose by 7.1% to $14.94, despite trading volume significantly declining to 6,398 shares compared to an average of 250,078 shares.
• Analysts have upgraded the stock's rating, with an average consensus target price of $40.38, indicating strong expectations for future performance.
• The company reported earnings per share of ($0.46), exceeding analysts' expectations and signaling a potential upward trend in its financial performance.

Oruka Therapeutics, Inc. (NASDAQ:ORKA - Get Free Report) traded up 7.1% on Wednesday . The stock traded as high as $14.69 and last traded at $14.94. 6,398 shares changed hands during trading, a decline of 97% from the average session volume of 250,078 shares. The stock had previously closed at $13.95.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wall Street Zen upgraded Oruka Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. BTIG Research assumed coverage on Oruka Therapeutics in a research report on Thursday, May 22nd. They issued a "buy" rating for the company. Wedbush restated an "outperform" rating and issued a $40.00 price target on shares of Oruka Therapeutics in a research report on Tuesday. Finally, HC Wainwright restated a "buy" rating and issued a $45.00 price target on shares of Oruka Therapeutics in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $40.38.

Oruka Therapeutics Stock Performance

The company has a market cap of $587.26 million, a PE ratio of -5.58 and a beta of -0.35. The firm has a fifty day simple moving average of $13.16 and a 200 day simple moving average of $11.46.

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

Hedge Funds Weigh In On Oruka Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc acquired a new stake in shares of Oruka Therapeutics during the 2nd quarter valued at approximately $28,000. Ameritas Investment Partners Inc. bought a new position in shares of Oruka Therapeutics in the second quarter worth $31,000. JPMorgan Chase & Co. bought a new position in shares of Oruka Therapeutics in the fourth quarter worth $54,000. Police & Firemen s Retirement System of New Jersey bought a new position in Oruka Therapeutics during the second quarter valued at about $68,000. Finally, New York State Common Retirement Fund bought a new position in Oruka Therapeutics during the second quarter valued at about $96,000. 56.44% of the stock is owned by institutional investors and hedge funds.

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.

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