ORIC Pharmaceuticals (NASDAQ:ORIC) Trading 10.9% Higher – Should You Buy?

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

Analyst Ratings Changes

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

ORIC Pharmaceuticals Stock Down 7.6 %

The company has a market capitalization of $708.52 million, a P/E ratio of -5.58 and a beta of 1.18. The business has a 50 day simple moving average of $9.01 and a 200-day simple moving average of $9.46.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data 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). Equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current fiscal year.

Insider Activity

In other news, insider Pratik S. Multani sold 8,850 shares of the firm’s stock in a transaction 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction 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 $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 have sold 42,361 shares of company stock valued at $350,749. Insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ORIC. JPMorgan Chase & Co. raised its holdings in ORIC Pharmaceuticals by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock worth $361,000 after purchasing an additional 1,279 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of ORIC Pharmaceuticals by 4.1% in the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock worth $1,022,000 after buying an additional 3,900 shares in the last quarter. Profund Advisors LLC raised its stake in shares of ORIC Pharmaceuticals by 23.6% in the 2nd quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock worth $155,000 after buying an additional 4,175 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of 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 buying an additional 5,646 shares during the period. Finally, Quest Partners LLC boosted its stake in ORIC Pharmaceuticals by 253.2% during the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after buying an additional 7,440 shares in the last quarter. 95.05% of the stock is currently 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.