Oruka Therapeutics (NASDAQ:ORKA) Stock Price Down 8% – Here’s Why

Oruka Therapeutics, Inc. (NASDAQ:ORKA) fell 8% on Tuesday . The stock traded as low as $18.78 and last traded at $18.88. 148,125 shares traded hands during trading, a decline of 22% from the average session volume of 188,809 shares. The stock had previously closed at $20.52.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ORKA. Lifesci Capital began coverage on shares of Oruka Therapeutics in a research note on Monday, September 16th. They set an “outperform” rating and a $41.00 price objective for the company. Leerink Partners initiated coverage on shares of Oruka Therapeutics in a research note on Tuesday, September 17th. They set an “outperform” rating and a $44.00 price target on the stock. TD Cowen initiated coverage on shares of Oruka Therapeutics in a research note on Monday, September 16th. They issued a “buy” rating for the company. Leerink Partnrs raised Oruka Therapeutics to a “strong-buy” rating in a report on Tuesday, September 17th. Finally, Stifel Nicolaus initiated coverage on shares of Oruka Therapeutics in a research report on Friday, October 11th. They set a “buy” rating and a $49.00 price objective for the company. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $43.17.

Oruka Therapeutics Trading Up 0.1 %

The company has a market capitalization of $665.33 million, a P/E ratio of -3.04 and a beta of 0.81. The company has a 50-day moving average price of $22.13.

Institutional Investors Weigh In On Oruka Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ORKA. Franklin Resources Inc. bought a new position in shares of Oruka Therapeutics in the 3rd quarter worth $17,661,000. Geode Capital Management LLC acquired a new stake in shares of Oruka Therapeutics in the 3rd quarter valued at about $343,000. Frazier Life Sciences Management L.P. bought a new stake in Oruka Therapeutics in the 3rd quarter valued at approximately $11,699,000. Wellington Management Group LLP bought a new position in Oruka Therapeutics in the third quarter valued at $2,013,000. Finally, RTW Investments LP acquired a new position in shares of Oruka Therapeutics during the 3rd quarter worth approximately $45,359,000. 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.