ORIC Pharmaceuticals (NASDAQ:ORIC) Earns Outperform Rating from Wedbush

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a report issued on Monday,RTT News reports. They currently have a $20.00 target price on the stock. Wedbush’s target price points to a potential upside of 132.56% from the company’s current price.

Other equities research analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Trading Up 8.0 %

Shares of ORIC traded up $0.64 during midday trading on Monday, reaching $8.60. The stock had a trading volume of 600,969 shares, compared to its average volume of 751,324. The company’s 50-day moving average is $9.01 and its 200 day moving average is $9.42. ORIC Pharmaceuticals has a 12-month low of $6.33 and a 12-month high of $16.65. The company has a market capitalization of $606.88 million, a price-to-earnings ratio of -4.78 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). Research analysts forecast that ORIC Pharmaceuticals will post -1.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the sale, the insider now owns 46,765 shares in the company, valued at $387,214.20. This represents a 15.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Dominic Piscitelli sold 8,851 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 in the last 90 days. Insiders own 5.55% of the company’s stock.

Institutional Trading of ORIC Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ORIC. Bank of New York Mellon Corp boosted its stake in ORIC Pharmaceuticals by 62.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock valued at $1,318,000 after purchasing an additional 71,394 shares during the last quarter. Rhumbline Advisers boosted its stake in ORIC Pharmaceuticals by 53.7% during the 2nd quarter. Rhumbline Advisers now owns 92,702 shares of the company’s stock valued at $655,000 after purchasing an additional 32,402 shares during the last quarter. Victory Capital Management Inc. boosted its stake in ORIC Pharmaceuticals by 8.3% during the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock valued at $678,000 after purchasing an additional 7,310 shares during the last quarter. Quest Partners LLC boosted 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 valued at $73,000 after purchasing an additional 7,440 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in ORIC Pharmaceuticals by 15.1% during the 2nd quarter. American Century Companies Inc. now owns 84,201 shares of the company’s stock valued at $595,000 after purchasing an additional 11,034 shares during the last quarter. 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.