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

ORIC Pharmaceuticals (NASDAQ:ORIC) posted its quarterly earnings data on Tuesday. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01, Zacks reports.

ORIC Pharmaceuticals Stock Performance

Shares of ORIC Pharmaceuticals stock traded down $0.51 on Tuesday, reaching $7.85. The company had a trading volume of 1,437,326 shares, compared to its average volume of 1,248,564. The firm’s 50 day moving average price is $9.35 and its two-hundred day moving average price is $9.53. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65. The firm has a market cap of $553.97 million, a PE ratio of -4.36 and a beta of 1.21.

Insider Buying and Selling

In related news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the transaction, the insider now owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. This represents a 15.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the transaction, the chief executive officer now directly 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. In the last quarter, insiders sold 42,361 shares of company stock valued at $350,749. Company insiders own 5.55% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Monday, February 10th. Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Wells Fargo & Company began coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, February 6th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $18.71.

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.