ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 8.4% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares rose 8.4% on Tuesday . The stock traded as high as $9.18 and last traded at $9.16. Approximately 776,238 shares were traded during mid-day trading, an increase of 50% from the average daily volume of 517,187 shares. The stock had previously closed at $8.45.

Wall Street Analysts Forecast Growth

ORIC has been the topic of several analyst reports. Oppenheimer lowered their target price on shares of ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Stifel Nicolaus began coverage on shares of ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Wednesday, September 18th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Performance

The company has a market capitalization of $661.68 million, a price-to-earnings ratio of -5.38 and a beta of 1.12. The business’s 50-day simple moving average is $9.73 and its 200-day simple moving average is $9.26.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). On average, analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current year.

Institutional Trading of ORIC Pharmaceuticals

Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ORIC Pharmaceuticals by 162.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after purchasing an additional 3,188 shares in the last quarter. Quest Partners LLC increased its stake in ORIC Pharmaceuticals by 253.2% during 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 in the last quarter. Creative Planning bought a new stake in ORIC Pharmaceuticals during the 3rd quarter worth approximately $116,000. China Universal Asset Management Co. Ltd. increased its stake in ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in ORIC Pharmaceuticals during the 2nd quarter worth approximately $153,000. 95.05% of the stock is owned by institutional investors.

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.