ORIC Pharmaceuticals (NASDAQ:ORIC) Sees Large Volume Increase – Time to Buy?

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) saw strong trading volume on Tuesday . 1,251,952 shares changed hands during mid-day trading, an increase of 78% from the previous session’s volume of 704,967 shares.The stock last traded at $9.17 and had previously closed at $8.32.

Analyst Ratings Changes

Several research firms have weighed in on ORIC. Wells Fargo & Company started coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, November 4th. Finally, Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday, November 12th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

The company has a market capitalization of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.18. The firm has a 50-day moving average price of $9.06 and a two-hundred day moving average price of $9.38.

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

Insider Buying and Selling

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of the business’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 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. The trade was a 15.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in ORIC Pharmaceuticals by 152.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares during the period. Franklin Resources Inc. lifted its holdings in ORIC Pharmaceuticals by 26.1% during the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after purchasing an additional 196,804 shares during the last quarter. Bank of New York Mellon Corp boosted its position in ORIC Pharmaceuticals by 62.0% during the second quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock worth $1,318,000 after purchasing an additional 71,394 shares during the period. Creative Planning acquired a new position in shares of ORIC Pharmaceuticals in the third quarter valued at $116,000. Finally, SG Americas Securities LLC bought a new position in shares of ORIC Pharmaceuticals in the third quarter valued at about $714,000. 95.05% of the stock is owned by 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.