ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 10.9% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) rose 10.9% during trading on Tuesday . The company traded as high as $9.75 and last traded at $9.54. Approximately 88,026 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 669,386 shares. The stock had previously closed at $8.60.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ORIC shares. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Price Performance

The company has a market cap of $708.52 million, a PE ratio of -5.58 and a beta of 1.18. The stock has a fifty day moving average price of $9.01 and a 200-day moving average price of $9.46.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). On average, equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Transactions at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction 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. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock valued at $350,749 over the last three months. 5.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ORIC. JPMorgan Chase & Co. lifted its holdings in shares of ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after buying an additional 1,279 shares during the last quarter. Victory Capital Management Inc. raised its position in ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock valued at $1,022,000 after acquiring an additional 3,900 shares in the last quarter. Profund Advisors LLC raised its position in ORIC Pharmaceuticals by 23.6% during the second quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock valued at $155,000 after acquiring an additional 4,175 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after acquiring an additional 5,646 shares during the last quarter. Finally, Quest Partners LLC increased its stake in shares of 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 during the last quarter. Hedge funds and other institutional investors 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.