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

Wedbush reissued their outperform rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a report issued on Monday morning,RTT News reports. They currently have a $20.00 target price on the stock.

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

ORIC Pharmaceuticals Stock Performance

NASDAQ:ORIC opened at $8.60 on Monday. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65. The stock has a fifty day moving average of $9.00 and a 200 day moving average of $9.43. The firm has a market capitalization of $606.88 million, a price-to-earnings ratio of -4.78 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). Equities analysts forecast that ORIC Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 46,765 shares in the company, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 778,648 shares in the company, valued at $6,447,205.44. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock worth $350,749 over the last three months. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Alkeon Capital Management LLC grew its stake in shares of ORIC Pharmaceuticals by 2.6% in the third quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock worth $40,017,000 after purchasing an additional 100,000 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of ORIC Pharmaceuticals by 6.4% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company’s stock valued at $13,884,000 after buying an additional 80,986 shares during the period. Geode Capital Management LLC increased its stake in shares of ORIC Pharmaceuticals by 4.2% during the third quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company’s stock valued at $13,056,000 after buying an additional 50,821 shares during the period. Franklin Resources Inc. raised its holdings in shares of ORIC Pharmaceuticals by 26.1% during the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after acquiring an additional 196,804 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in ORIC Pharmaceuticals by 297.4% in the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock worth $5,531,000 after acquiring an additional 585,447 shares during the period. Hedge funds and other institutional investors own 95.05% of the company’s stock.

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.