Oruka Therapeutics (NASDAQ:ORKA) Trading Down 6.2% - Here's What Happened

Key Points

• Oruka Therapeutics' shares fell 6.2% on Friday, closing at $15.55 after trading as low as $15.62, with trading volume significantly up from average levels.
• Analysts remain largely positive about the stock, with an average rating of "Buy" and a target price of $42.00, although there was a downgrade to a "sell" rating from Wall Street Zen.
• Institutional ownership constitutes 56.44% of Oruka Therapeutics, indicating significant interest from large investors, with notable increases in holdings by firms like Braidwell LP and Geode Capital Management LLC.

Shares of Oruka Therapeutics, Inc. (NASDAQ:ORKA - Get Free Report) were down 6.2% on Friday . The stock traded as low as $15.62 and last traded at $15.55. Approximately 412,764 shares were traded during mid-day trading, an increase of 65% from the average daily volume of 249,650 shares. The stock had previously closed at $16.58.

Analyst Ratings Changes

Several research analysts have recently weighed in on ORKA shares. Wedbush restated an "outperform" rating and issued a $40.00 target price on shares of Oruka Therapeutics in a research note on Tuesday, August 12th. HC Wainwright reiterated a "buy" rating and set a $45.00 price objective on shares of Oruka Therapeutics in a research note on Monday, August 18th. Wall Street Zen downgraded shares of Oruka Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, BTIG Research increased their price objective on shares of Oruka Therapeutics from $44.00 to $56.00 and gave the company a "buy" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $42.00.

Oruka Therapeutics Price Performance

The firm has a market capitalization of $582.36 million, a price-to-earnings ratio of -5.53 and a beta of -0.26. The firm's fifty day moving average is $14.78 and its 200 day moving average is $12.15.

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

Institutional Investors Weigh In On Oruka Therapeutics

Several large investors have recently made changes to their positions in ORKA. Braidwell LP grew its holdings in shares of Oruka Therapeutics by 37.0% in the 1st quarter. Braidwell LP now owns 1,572,426 shares of the company's stock worth $16,133,000 after purchasing an additional 424,750 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Oruka Therapeutics by 100.6% in the 2nd quarter. Geode Capital Management LLC now owns 707,406 shares of the company's stock worth $7,932,000 after purchasing an additional 354,821 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Oruka Therapeutics in the 4th quarter worth about $6,787,000. Franklin Resources Inc. grew its holdings in shares of Oruka Therapeutics by 40.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,012,968 shares of the company's stock worth $11,355,000 after purchasing an additional 292,421 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Oruka Therapeutics in the 1st quarter worth about $2,505,000. Institutional investors own 56.44% of the company's stock.

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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