Wells Fargo & Company Begins Coverage on ORIC Pharmaceuticals (NASDAQ:ORIC)

Stock analysts at Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $20.00 price target on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 112.54% from the stock’s previous close.

Several other brokerages have also commented on ORIC. Oppenheimer decreased their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Tuesday, September 10th. Stifel Nicolaus started coverage on shares of ORIC Pharmaceuticals in a research report on Friday, September 6th. They issued a “buy” rating and a $20.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Wednesday, September 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Price Performance

NASDAQ ORIC opened at $9.41 on Thursday. The company’s fifty day moving average is $9.74 and its two-hundred day moving average is $9.26. ORIC Pharmaceuticals has a 52-week low of $5.85 and a 52-week high of $16.65. The firm has a market capitalization of $663.78 million, a price-to-earnings ratio of -5.38 and a beta of 1.12.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.03). As a group, sell-side analysts expect that ORIC Pharmaceuticals will post -1.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in ORIC. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ORIC Pharmaceuticals by 162.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after purchasing an additional 3,188 shares in the last quarter. Profund Advisors LLC boosted its position in shares of ORIC Pharmaceuticals by 23.6% during the second quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock worth $155,000 after buying an additional 4,175 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after buying an additional 5,646 shares in the last quarter. Victory Capital Management Inc. lifted its stake in ORIC Pharmaceuticals by 8.3% in the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock valued at $678,000 after acquiring an additional 7,310 shares in the last quarter. Finally, Quest Partners LLC boosted its position 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 acquiring an additional 7,440 shares during the last quarter. 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.