Oruka Therapeutics (NASDAQ:ORKA) Hits New 12-Month High After Better-Than-Expected Earnings

Shares of Oruka Therapeutics, Inc. (NASDAQ:ORKA) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $29.86 and last traded at $28.2950, with a volume of 48844 shares changing hands. The stock had previously closed at $28.20.

The company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.01.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ORKA. Wedbush reiterated an “outperform” rating and set a $40.00 target price on shares of Oruka Therapeutics in a research report on Tuesday, August 12th. BTIG Research boosted their price target on Oruka Therapeutics from $56.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oruka Therapeutics in a research note on Wednesday, October 8th. HC Wainwright decreased their target price on shares of Oruka Therapeutics from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Wall Street Zen raised shares of Oruka Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.14.

Institutional Investors Weigh In On Oruka Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc bought a new position in Oruka Therapeutics during the 2nd quarter worth $28,000. Ameritas Investment Partners Inc. bought a new position in shares of Oruka Therapeutics during the second quarter worth about $31,000. BNP Paribas Financial Markets lifted its stake in shares of Oruka Therapeutics by 464.0% in the second quarter. BNP Paribas Financial Markets now owns 2,803 shares of the company’s stock worth $31,000 after acquiring an additional 2,306 shares during the period. PNC Financial Services Group Inc. bought a new stake in Oruka Therapeutics in the third quarter valued at approximately $39,000. Finally, Russell Investments Group Ltd. bought a new stake in Oruka Therapeutics in the third quarter valued at approximately $43,000. 56.44% of the stock is owned by institutional investors.

Oruka Therapeutics Trading Up 2.7%

The business’s 50-day simple moving average is $22.60 and its two-hundred day simple moving average is $16.20. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -9.64 and a beta of -0.30.

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.