Oric Pharmaceuticals (NASDAQ:ORIC) Trading 8.8% Higher – Here’s Why

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) traded up 8.8% during trading on Tuesday . The stock traded as high as $12.71 and last traded at $12.68. 1,150,495 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 1,690,300 shares. The stock had previously closed at $11.65.

Wall Street Analyst Weigh In

ORIC has been the topic of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Oric Pharmaceuticals in a report on Monday. Citigroup raised their target price on shares of Oric Pharmaceuticals from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Oppenheimer reiterated an “outperform” rating and issued a $15.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Evercore began coverage on shares of Oric Pharmaceuticals in a research note on Thursday, November 20th. They set an “outperform” rating and a $25.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Oric Pharmaceuticals from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 18th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Oric Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $20.20.

Oric Pharmaceuticals Stock Down 6.7%

The company has a 50 day simple moving average of $11.17 and a 200 day simple moving average of $11.21. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -7.73 and a beta of 1.28.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. On average, research analysts forecast that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, insider Pratik S. Multani sold 10,720 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $97,123.20. Following the sale, the insider directly owned 68,149 shares of the company’s stock, valued at approximately $617,429.94. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jacob Chacko sold 33,374 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $9.06, for a total transaction of $302,368.44. Following the completion of the transaction, the chief executive officer directly owned 581,711 shares in the company, valued at $5,270,301.66. This represents a 5.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 106,814 shares of company stock valued at $1,199,135 over the last 90 days. 6.82% of the stock is owned by company insiders.

Institutional Trading of Oric Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Orbimed Advisors LLC boosted its position in shares of Oric Pharmaceuticals by 305.0% in the 3rd quarter. Orbimed Advisors LLC now owns 3,641,756 shares of the company’s stock valued at $43,701,000 after purchasing an additional 2,742,475 shares during the period. Paradigm Biocapital Advisors LP purchased a new stake in shares of Oric Pharmaceuticals during the fourth quarter worth $19,642,000. State Street Corp lifted its holdings in shares of Oric Pharmaceuticals by 77.1% during the 4th quarter. State Street Corp now owns 4,258,397 shares of the company’s stock valued at $34,834,000 after buying an additional 1,854,458 shares during the last quarter. Vanguard Group Inc. lifted its stake in Oric Pharmaceuticals by 48.8% in the third quarter. Vanguard Group Inc. now owns 4,650,138 shares of the company’s stock valued at $55,802,000 after acquiring an additional 1,525,445 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Oric Pharmaceuticals by 3,646.1% in the second quarter. JPMorgan Chase & Co. now owns 1,335,448 shares of the company’s stock worth $13,555,000 after purchasing an additional 1,299,799 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.