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

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “outperform” rating reiterated by Wedbush in a note issued to investors on Monday,RTT News reports. They currently have a $20.00 price target on the stock. Wedbush’s target price suggests a potential upside of 132.56% from the stock’s previous close.

A number of other analysts have also commented on the company. Wells Fargo & Company began coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Up 8.0 %

ORIC Pharmaceuticals stock traded up $0.64 during mid-day trading on Monday, reaching $8.60. 600,969 shares of the company’s stock were exchanged, compared to its average volume of 751,324. The business’s fifty day simple moving average is $9.01 and its 200 day simple moving average is $9.42. The firm has a market capitalization of $606.88 million, a PE ratio of -4.78 and a beta of 1.18. ORIC Pharmaceuticals has a one year low of $6.33 and a one year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued 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, sell-side analysts forecast that ORIC Pharmaceuticals will post -1.84 earnings per share for the current year.

Insider Activity

In other news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the completion of the transaction, the chief financial officer now directly owns 106,764 shares in the company, valued at approximately $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the transaction, the insider now owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC grew its position in ORIC Pharmaceuticals by 253.2% during the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after buying an additional 7,440 shares in the last quarter. Creative Planning purchased a new position in ORIC Pharmaceuticals during the third quarter worth about $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in ORIC Pharmaceuticals during the third quarter worth about $132,000. China Universal Asset Management Co. Ltd. grew its position in ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after buying an additional 5,646 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in ORIC Pharmaceuticals during the third quarter worth about $200,000. 95.05% of the stock is currently owned by hedge funds and other 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.