HC Wainwright Reaffirms “Buy” Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They currently have a $21.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 175.81% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price objective on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective on the stock. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, ORIC Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $18.71.

ORIC Pharmaceuticals Stock Performance

Shares of ORIC traded up $0.14 during mid-day trading on Friday, reaching $7.61. 345,557 shares of the company were exchanged, compared to its average volume of 1,238,393. ORIC Pharmaceuticals has a 52 week low of $6.33 and a 52 week high of $16.65. The stock has a market capitalization of $540.80 million, a PE ratio of -4.18 and a beta of 1.21. The business has a 50 day simple moving average of $9.29 and a two-hundred day simple moving average of $9.50.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. On average, analysts predict that ORIC Pharmaceuticals will post -2.16 EPS for the current year.

Insider Activity

In other news, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the transaction, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. This represents a 15.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the transaction, 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. Insiders have sold 42,361 shares of company stock valued at $350,749 in the last 90 days. Insiders own 5.55% of the company’s stock.

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of ORIC Pharmaceuticals by 54.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company’s stock valued at $287,000 after purchasing an additional 12,545 shares during the period. Two Sigma Advisers LP raised its stake in shares of ORIC Pharmaceuticals by 14.3% during the 4th quarter. Two Sigma Advisers LP now owns 66,500 shares of the company’s stock valued at $537,000 after purchasing an additional 8,300 shares during the period. Tema Etfs LLC bought a new stake in shares of ORIC Pharmaceuticals during the 4th quarter valued at $367,000. Sphera Funds Management LTD. raised its stake in shares of ORIC Pharmaceuticals by 112.8% during the 4th quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company’s stock valued at $2,205,000 after purchasing an additional 144,817 shares during the period. Finally, ProShare Advisors LLC increased its stake in ORIC Pharmaceuticals by 30.9% in the 4th quarter. ProShare Advisors LLC now owns 20,683 shares of the company’s stock worth $167,000 after acquiring an additional 4,881 shares during the last quarter. 95.05% of the stock is currently 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.