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) dropped 6.2% on Friday . The company traded as low as $15.62 and last traded at $15.55. Approximately 412,764 shares changed hands during trading, an increase of 65% from the average daily volume of 249,650 shares. The stock had previously closed at $16.58.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ORKA. BTIG Research increased 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, September 17th. Wedbush reaffirmed an "outperform" rating and set a $40.00 target price on shares of Oruka Therapeutics in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of Oruka Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, HC Wainwright restated a "buy" rating and set a $45.00 price target on shares of Oruka Therapeutics in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $42.00.

Oruka Therapeutics Price Performance

The company has a 50 day simple moving average of $14.86 and a 200-day simple moving average of $12.27. The stock has a market cap of $641.03 million, a P/E ratio of -6.09 and a beta of -0.26.

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

Institutional Investors Weigh In On Oruka Therapeutics

Institutional investors have recently made changes to their positions in the business. Northern Trust Corp purchased a new position in Oruka Therapeutics in the 4th quarter worth $1,242,000. Jane Street Group LLC bought a new position in shares of Oruka Therapeutics during the fourth quarter valued at about $343,000. Millennium Management LLC purchased a new position in shares of Oruka Therapeutics in the fourth quarter worth about $588,000. Squarepoint Ops LLC bought a new stake in shares of Oruka Therapeutics in the 4th quarter valued at about $236,000. Finally, Toronto Dominion Bank bought a new stake in shares of Oruka Therapeutics in the 4th quarter valued at about $1,131,000. Hedge funds and other institutional investors own 56.44% of the company's stock.

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.