ORIC Pharmaceuticals’ (ORIC) Buy Rating Reaffirmed at Guggenheim

Guggenheim reissued their buy rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a report issued on Wednesday,Benzinga reports.

Several other brokerages have also recently weighed in on ORIC. Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. 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 report on Thursday, February 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Finally, HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Friday, February 21st. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.86.

ORIC Pharmaceuticals Stock Up 2.7 %

ORIC Pharmaceuticals stock opened at $8.30 on Wednesday. The stock has a 50-day simple moving average of $9.25 and a 200 day simple moving average of $9.49. ORIC Pharmaceuticals has a 12-month low of $6.33 and a 12-month high of $16.65. The stock has a market capitalization of $589.52 million, a price-to-earnings ratio of -4.56 and a beta of 1.20.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. As a group, sell-side analysts anticipate that ORIC Pharmaceuticals will post -2.17 EPS for the current year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals 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 value of $73,278.00. Following the transaction, the insider now directly 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 SEC, which is available through this hyperlink. 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 completion of the transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,361 shares of company stock valued at $350,749 in the last ninety days. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in ORIC Pharmaceuticals by 3.8% in 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 in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of ORIC Pharmaceuticals by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company’s stock worth $121,000 after purchasing an additional 1,395 shares in the last quarter. Invesco Ltd. grew its holdings in shares of ORIC Pharmaceuticals by 8.5% during the 4th quarter. Invesco Ltd. now owns 23,958 shares of the company’s stock worth $193,000 after purchasing an additional 1,876 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of ORIC Pharmaceuticals by 22.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock worth $109,000 after purchasing an additional 2,520 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of ORIC Pharmaceuticals by 5.4% during the 4th quarter. Swiss National Bank now owns 62,400 shares of the company’s stock worth $504,000 after purchasing an additional 3,200 shares in the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

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.