ORIC Pharmaceuticals (NASDAQ:ORIC) Issues Earnings Results, Beats Expectations By $0.01 EPS

ORIC Pharmaceuticals (NASDAQ:ORIC) announced its quarterly earnings results on Tuesday. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01, Zacks reports.

ORIC Pharmaceuticals Stock Performance

Shares of NASDAQ:ORIC traded down $0.51 during midday trading on Tuesday, hitting $7.85. The company’s stock had a trading volume of 1,437,326 shares, compared to its average volume of 1,248,564. The business’s 50 day simple moving average is $9.35 and its 200 day simple moving average is $9.53. The company has a market cap of $553.97 million, a P/E ratio of -4.36 and a beta of 1.21. ORIC Pharmaceuticals has a 12-month low of $6.33 and a 12-month high of $16.65.

Analyst Upgrades and Downgrades

ORIC has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Tuesday, February 11th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Guggenheim reaffirmed a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus target price of $18.71.

Insider Transactions at ORIC Pharmaceuticals

In related news, insider Pratik S. Multani sold 8,850 shares of the firm’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 $73,278.00. Following the completion of the sale, the insider now directly owns 46,765 shares in the company, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Dominic Piscitelli sold 8,851 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,286.28. Following the sale, the chief financial officer now owns 106,764 shares of the company’s stock, valued at approximately $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,361 shares of company stock valued at $350,749. Corporate insiders own 5.55% 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.