ORIC Pharmaceuticals (ORIC) Could Be 36% Undervalued On New ESMO Data And Phase 3 Plans

ORIC Pharmaceuticals (ORIC) is back in focus after new Phase 1b data for its lead drug enozertinib in first-line EGFR atypical NSCLC were presented at ESMO Congress 2026, together with plans for a global Phase 3 trial.

The fresh ESMO data and Phase 3 plans arrive after a strong run in ORIC Pharmaceuticals shares this year, with a year to date share price return of 61.2% and a 3 year total shareholder return of 109.7%. The latest session saw the stock ease 3.4% to US$13.17 as investors reassessed near term risk around execution and trial timelines.

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Bulls point to potential best in class lung cancer data and ORIC Pharmaceuticals moving toward Phase 3. Bears focus on zero revenue, clinical risk and a US$1.4b valuation. Which side does today’s pricing appear to favor?

Most Popular Narrative: 36% Undervalued

Against Friday’s close at $13.17, the most followed valuation narrative for ORIC Pharmaceuticals points to a fair value of $20.67. The discussion now hinges on whether the late stage trial plans and cash runway really back up that gap.

Himalayas-1, a 600 patient Phase III trial of rinzimetostat plus darolutamide in post abiraterone metastatic castration resistant prostate cancer with rPFS data guided for late 2027 or early 2028, targets a U.S. market that ORIC Pharmaceuticals estimates at US$3.5b and a global market of about US$7b. This trial could materially influence long term revenue potential if outcomes support broad use.

See why 1 investors see ORIC Pharmaceuticals as 36% undervalued.

Result: Fair Value of $20.67 (UNDERVALUED)

Still, the story can flip quickly if PRC2 safety concerns resurface, or if enozertinib ends up looking merely average in a crowded EGFR exon 20 field.

Find out about the key risks to this ORIC Pharmaceuticals narrative.

Next Steps

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