ORIC Pharmaceuticals (NASDAQ:ORIC) Sees Large Volume Increase – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares saw strong trading volume on Tuesday . 1,251,952 shares traded hands during trading, an increase of 78% from the previous session’s volume of 704,967 shares.The stock last traded at $9.17 and had previously closed at $8.32.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ORIC. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, November 4th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday, November 12th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Price Performance

The company’s 50 day simple moving average is $9.06 and its two-hundred day simple moving average is $9.38. The stock has a market capitalization of $599.82 million, a P/E ratio of -4.72 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction on Monday, December 16th. The stock was 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 owns 46,765 shares in the company, valued at $387,214.20. The trade was a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jacob Chacko sold 24,660 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 value of $204,184.80. Following the completion of the transaction, the chief executive officer now owns 778,648 shares in the company, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,361 shares of company stock worth $350,749 in the last 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ORIC Pharmaceuticals by 162.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after acquiring an additional 3,188 shares during the last quarter. Quest Partners LLC boosted its position in shares of ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after purchasing an additional 7,440 shares during the last quarter. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in ORIC Pharmaceuticals in the third quarter valued at about $132,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after buying an additional 5,646 shares during the period. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.