Wedbush Reduces Earnings Estimates for ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) – Investment analysts at Wedbush lowered their FY2024 earnings estimates for ORIC Pharmaceuticals in a research note issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings of ($1.82) per share for the year, down from their previous estimate of ($1.73). Wedbush has a “Outperform” rating and a $20.00 price target on the stock. The consensus estimate for ORIC Pharmaceuticals’ current full-year earnings is ($1.80) per share. Wedbush also issued estimates for ORIC Pharmaceuticals’ Q4 2024 earnings at ($0.50) EPS, FY2025 earnings at ($2.18) EPS, FY2026 earnings at ($2.08) EPS and FY2027 earnings at ($2.24) EPS.

Several other research analysts have also recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Oppenheimer cut their target price on shares of ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Stifel Nicolaus initiated coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Down 3.7 %

Shares of NASDAQ ORIC opened at $8.50 on Friday. The stock’s 50-day simple moving average is $9.69 and its two-hundred day simple moving average is $9.33. ORIC Pharmaceuticals has a twelve month low of $6.33 and a twelve month high of $16.65. The firm has a market capitalization of $599.82 million, a P/E ratio of -4.72 and a beta of 1.13.

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 the consensus estimate of ($0.48) by ($0.01).

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in ORIC Pharmaceuticals by 140.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock worth $21,543,000 after acquiring an additional 915,175 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of ORIC Pharmaceuticals by 62.0% in 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 last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of ORIC Pharmaceuticals in the second quarter worth $724,000. Monaco Asset Management SAM raised its holdings in ORIC Pharmaceuticals by 132.0% during the 2nd quarter. Monaco Asset Management SAM now owns 301,650 shares of the company’s stock valued at $2,133,000 after buying an additional 171,650 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in ORIC Pharmaceuticals during the 3rd quarter valued at $714,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.

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.