ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 7.7% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price rose 7.7% on Wednesday . The stock traded as high as $11.11 and last traded at $11.05. Approximately 49,309 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 515,048 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ORIC shares. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Tuesday. Oppenheimer dropped 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. HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, November 4th. Stifel Nicolaus began coverage on shares of ORIC Pharmaceuticals in a report on Friday, September 6th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Wells Fargo & Company began coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Trading Down 14.0 %

The business has a 50-day moving average price of $9.72 and a 200-day moving average price of $9.33. The firm has a market cap of $623.11 million, a P/E ratio of -4.91 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. NEA Management Company LLC acquired a new stake in ORIC Pharmaceuticals in the first quarter valued at approximately $20,625,000. Price T Rowe Associates Inc. MD grew its holdings in ORIC Pharmaceuticals by 140.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock valued at $21,543,000 after purchasing an additional 915,175 shares during the period. Vanguard Group Inc. grew its holdings in ORIC Pharmaceuticals by 27.9% in the first quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock valued at $39,628,000 after purchasing an additional 629,536 shares during the period. Millennium Management LLC grew its holdings in ORIC Pharmaceuticals by 297.4% in the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after purchasing an additional 585,447 shares during the period. Finally, First Turn Management LLC grew its holdings in ORIC Pharmaceuticals by 38.1% in the second quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock valued at $10,718,000 after purchasing an additional 418,389 shares during the period. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

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.