HC Wainwright Reaffirms “Buy” Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating reissued by HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $21.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 111.91% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday, November 12th. Finally, Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Stock Performance

ORIC opened at $9.91 on Monday. The company has a fifty day moving average of $9.00 and a two-hundred day moving average of $9.45. The stock has a market capitalization of $699.32 million, a price-to-earnings ratio of -5.51 and a beta of 1.18. ORIC Pharmaceuticals has a fifty-two week low of $6.33 and a fifty-two week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced 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). On average, equities research analysts forecast that ORIC Pharmaceuticals will post -1.84 earnings per share for the current year.

Insider Activity

In related news, CFO Dominic Piscitelli sold 8,851 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,286.28. Following the completion of the sale, the chief financial officer now owns 106,764 shares of the company’s stock, valued at approximately $884,005.92. This represents a 7.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction dated Monday, December 16th. The shares were 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 owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock worth $350,749 over the last three months. Insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its stake in shares of ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after acquiring an additional 7,440 shares during the last quarter. Creative Planning purchased a new stake in shares of ORIC Pharmaceuticals in the third quarter valued at about $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ORIC Pharmaceuticals during the third quarter worth about $132,000. China Universal Asset Management Co. Ltd. raised its stake in ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares during the period. Finally, XTX Topco Ltd acquired a new position in ORIC Pharmaceuticals in the 2nd quarter valued at about $153,000. Institutional investors and hedge funds 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.