HC Wainwright Reiterates “Buy” Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

HC Wainwright restated their buy rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a $21.00 price objective on the stock.

ORIC has been the subject of a number of other reports. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. JPMorgan Chase & Co. increased their price target on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Monday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $18.71.

ORIC Pharmaceuticals Stock Performance

Shares of NASDAQ ORIC opened at $8.27 on Tuesday. The stock has a fifty day moving average price of $9.43 and a two-hundred day moving average price of $9.60. The firm has a market cap of $583.61 million, a P/E ratio of -4.59 and a beta of 1.21. ORIC Pharmaceuticals has a 1 year low of $6.33 and a 1 year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results 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). On average, research analysts predict that ORIC Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares in the company, valued at $387,214.20. This 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 available at this link. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $204,184.80. Following the sale, the chief executive officer now owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock worth $350,749 over the last quarter. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Alkeon Capital Management LLC raised its holdings in shares of ORIC Pharmaceuticals by 2.6% during the third quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock worth $40,017,000 after acquiring an additional 100,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in ORIC Pharmaceuticals by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 3,203,789 shares of the company’s stock valued at $25,855,000 after buying an additional 36,478 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in ORIC Pharmaceuticals by 6.4% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company’s stock valued at $13,884,000 after buying an additional 80,986 shares in the last quarter. Geode Capital Management LLC raised its holdings in ORIC Pharmaceuticals by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,278,713 shares of the company’s stock valued at $10,321,000 after buying an additional 5,200 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in ORIC Pharmaceuticals by 26.1% during the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after buying an additional 196,804 shares in the last quarter. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

ORIC Pharmaceuticals Company Profile

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.