ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Up 5.6% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares rose 5.6% during trading on Thursday . The company traded as high as $10.34 and last traded at $10.43. Approximately 207,218 shares changed hands during trading, a decline of 69% from the average daily volume of 678,413 shares. The stock had previously closed at $9.87.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price on the stock. Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals has a consensus rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Trading Up 4.8 %

The stock has a market capitalization of $729.69 million, a PE ratio of -5.74 and a beta of 1.18. The firm has a 50-day moving average price of $8.97 and a 200-day moving average price of $9.54.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). Sell-side analysts expect that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the sale, the insider now directly owns 46,765 shares in the company, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. increased its position in shares of ORIC Pharmaceuticals by 18.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 162,909 shares of the company’s stock valued at $1,315,000 after buying an additional 24,947 shares during the period. JPMorgan Chase & Co. increased its holdings in ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock worth $361,000 after acquiring an additional 1,279 shares during the period. Franklin Resources Inc. lifted its stake in ORIC Pharmaceuticals by 26.1% in the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock worth $9,067,000 after purchasing an additional 196,804 shares in the last quarter. Barclays PLC boosted its holdings in ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after purchasing an additional 56,474 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of ORIC Pharmaceuticals by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company’s stock valued at $13,056,000 after purchasing an additional 50,821 shares in the last quarter. Institutional investors own 95.05% of the company’s stock.

About ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of therapies for treatment of cancers in the United States. Its clinical stage product candidates include ORIC-114, a brain penetrant orally bioavailable irreversible inhibitor, currently under Phase 1b study, which is designed to selectively target epidermal growth factor receptor and human epidermal growth factor receptor 2 with high potency towards exon 20 insertion mutations; ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 for prostate cancer, currently under Phase 1b study; and ORIC-533, an orally bioavailable small molecule inhibitor of CD73, currently under Phase 1b study, being developed for resistance to chemotherapy- and immunotherapy-based treatment regimens.