Oruka Therapeutics (NASDAQ:ORKA) Stock Price Down 8% – What’s Next?

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. TD Cowen started coverage on shares of Oruka Therapeutics in a research report on Monday, September 16th. They set a “buy” rating for the company. Stifel Nicolaus began coverage on shares of Oruka Therapeutics in a research report on Friday, October 11th. They issued a “buy” rating and a $49.00 price target on the stock. Wedbush reiterated an “outperform” rating and set a $40.00 price objective on shares of Oruka Therapeutics in a research note on Tuesday, November 19th. HC Wainwright restated a “buy” rating and issued a $45.00 price objective on shares of Oruka Therapeutics in a research report on Friday, December 20th. Finally, Jefferies Financial Group initiated coverage on shares of Oruka Therapeutics in a research note on Friday, September 13th. They issued a “buy” rating and a $40.00 price target on the stock. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $43.17.

Oruka Therapeutics Price Performance

The firm has a market cap of $665.33 million, a price-to-earnings ratio of -3.04 and a beta of 0.81. The company’s 50-day moving average is $22.13.

Institutional Trading of Oruka Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC acquired a new position in shares of Oruka Therapeutics in the third quarter valued at approximately $343,000. The Manufacturers Life Insurance Company purchased a new position in shares of Oruka Therapeutics during the third quarter worth about $1,037,000. Wellington Management Group LLP acquired a new position in shares of Oruka Therapeutics in the 3rd quarter valued at $2,013,000. Janus Henderson Group PLC acquired a new stake in Oruka Therapeutics during the 3rd quarter worth approximately $5,840,000. Finally, Redmile Group LLC purchased a new stake in shares of Oruka Therapeutics in the third quarter valued at about $10,091,000. 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.