ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 10.9% – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shot up 10.9% during trading on Tuesday . The stock traded as high as $9.75 and last traded at $9.54. 88,026 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 669,386 shares. The stock had previously closed at $8.60.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ORIC shares. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday. HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday. Finally, Wedbush restated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Stock Up 10.2 %

The stock has a 50-day simple moving average of $9.00 and a 200 day simple moving average of $9.43. The company has a market cap of $668.98 million, a PE ratio of -5.27 and a beta of 1.18.

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

Insider Activity at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the completion of the transaction, the chief financial officer now directly owns 106,764 shares of the company’s stock, valued at $884,005.92. The trade was a 7.66 % decrease in their position. 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 stock in a transaction dated Monday, December 16th. The stock was 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 $6,447,205.44. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,361 shares of company stock worth $350,749. Insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC increased its position in shares of ORIC Pharmaceuticals by 253.2% during the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after acquiring an additional 7,440 shares during the period. Creative Planning purchased a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter worth $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ORIC Pharmaceuticals during the third quarter worth $132,000. China Universal Asset Management Co. Ltd. increased its holdings 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 last quarter. Finally, Intech Investment Management LLC acquired a new stake in ORIC Pharmaceuticals in the third quarter valued at $200,000. Hedge funds and other institutional investors 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.