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

Oruka Therapeutics, Inc. (NASDAQ:ORKA) traded down 8% during trading on Tuesday . The stock traded as low as $18.78 and last traded at $18.88. 148,125 shares changed hands during mid-day 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 equities research analysts have recently weighed in on the company. Leerink Partnrs raised Oruka Therapeutics to a “strong-buy” rating in a research report on Tuesday, September 17th. Leerink Partners assumed coverage on shares of Oruka Therapeutics in a report on Tuesday, September 17th. They issued an “outperform” rating and a $44.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $45.00 target price on shares of Oruka Therapeutics in a research note on Friday, December 20th. Wedbush restated an “outperform” rating and set a $40.00 price target on shares of Oruka Therapeutics in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus began coverage on Oruka Therapeutics in a report on Friday, October 11th. They issued a “buy” rating and a $49.00 target price for the company. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Oruka Therapeutics has a consensus rating of “Buy” and an average price target of $43.17.

Oruka Therapeutics Price Performance

The stock has a 50-day moving average of $22.54. The firm has a market cap of $664.63 million, a price-to-earnings ratio of -3.03 and a beta of 0.81.

Institutional Investors Weigh In On Oruka Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORKA. The Manufacturers Life Insurance Company acquired a new stake in shares of Oruka Therapeutics in the third quarter valued at approximately $1,037,000. FMR LLC bought a new position in Oruka Therapeutics in the 3rd quarter valued at $114,763,000. Great Point Partners LLC acquired a new stake in shares of Oruka Therapeutics in the 3rd quarter valued at $12,614,000. Braidwell LP bought a new stake in shares of Oruka Therapeutics during the third quarter worth $12,640,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Oruka Therapeutics during the third quarter valued at $5,840,000. Institutional investors and hedge funds own 56.44% of the company’s stock.

About Oruka Therapeutics

ARCA biopharma, Inc, a biopharmaceutical company, develops genetically-targeted therapies for heart failure and cardiovascular diseases. It is positioned to bring personalized therapies for the treatment of cardiovascular disease, through the use of genetics. Complementing the Company’s cardiovascular science, ARCA’s management team has significant experience in developing and commercializing cardiovascular products.