Oruka Therapeutics, Inc. (NASDAQ:ORKA) Sees Large Decline in Short Interest

Oruka Therapeutics, Inc. (NASDAQ:ORKA) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 3,644,487 shares, a drop of 18.4% from the February 26th total of 4,466,793 shares. Based on an average trading volume of 487,246 shares, the short-interest ratio is currently 7.5 days. Approximately 9.8% of the company’s stock are sold short.

Oruka Therapeutics Stock Up 3.2%

Shares of NASDAQ ORKA traded up $1.59 during trading hours on Wednesday, hitting $50.64. The company had a trading volume of 335,066 shares, compared to its average volume of 533,434. Oruka Therapeutics has a 1-year low of $5.49 and a 1-year high of $51.01. The firm’s 50 day moving average is $35.90 and its 200-day moving average is $29.96. The stock has a market capitalization of $2.51 billion, a P/E ratio of -27.04 and a beta of -0.38.

Oruka Therapeutics (NASDAQ:ORKA) last issued its earnings results on Thursday, March 12th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.16. On average, sell-side analysts predict that Oruka Therapeutics will post -3.41 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on ORKA shares. Stifel Nicolaus increased their price objective on Oruka Therapeutics from $47.00 to $72.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Wall Street Zen upgraded Oruka Therapeutics from a “sell” rating to a “hold” rating in a research note on Monday, March 16th. Guggenheim reaffirmed a “buy” rating and set a $60.00 price target on shares of Oruka Therapeutics in a research report on Friday, March 13th. Barclays raised their price target on shares of Oruka Therapeutics from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Finally, Piper Sandler assumed coverage on shares of Oruka Therapeutics in a report on Thursday, December 18th. They issued an “overweight” rating and a $75.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Oruka Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

Insiders Place Their Bets

In related news, insider Joana Goncalves sold 7,641 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $40.91, for a total value of $312,593.31. Following the sale, the insider directly owned 33,377 shares of the company’s stock, valued at approximately $1,365,453.07. The trade was a 18.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lawrence Otto Klein sold 1,729 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $41.30, for a total transaction of $71,407.70. Following the completion of the transaction, the chief executive officer directly owned 927,309 shares of the company’s stock, valued at approximately $38,297,861.70. The trade was a 0.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 23,765 shares of company stock worth $849,575. 24.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Oruka Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in Oruka Therapeutics in the 2nd quarter valued at about $28,000. Ameritas Investment Partners Inc. acquired a new position in Oruka Therapeutics during the second quarter worth approximately $31,000. BNP Paribas Financial Markets raised its stake in Oruka Therapeutics by 464.0% in the second quarter. BNP Paribas Financial Markets now owns 2,803 shares of the company’s stock valued at $31,000 after buying an additional 2,306 shares during the period. Royal Bank of Canada lifted its position in shares of Oruka Therapeutics by 47.2% in the fourth quarter. Royal Bank of Canada now owns 1,139 shares of the company’s stock valued at $34,000 after buying an additional 365 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Oruka Therapeutics in the fourth quarter valued at approximately $37,000. 56.44% of the stock is owned by institutional investors.

About Oruka Therapeutics

Oruka Therapeutics, Inc is a clinical‐stage biopharmaceutical company focused on the development of novel peptide‐based therapies for oncology. The company’s proprietary stapled peptide platform is designed to selectively disrupt intracellular protein–protein interactions that drive tumor growth and immune evasion. By combining the specificity of biologics with the cell‐permeability of small molecules, Oruka aims to target cancer pathways that have been historically considered “undruggable.”

The company’s lead candidate, ONCT-01, is currently in Phase 1 clinical trials for patients with advanced solid tumors, assessing safety, tolerability and preliminary efficacy.