ORIC Pharmaceuticals (NASDAQ:ORIC) Price Target Cut to $18.00

ORIC Pharmaceuticals (NASDAQ:ORIC) had its target price dropped by analysts at JPMorgan Chase & Co. from $19.00 to $18.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 30.91% from the company’s previous close.

A number of other equities analysts also recently issued reports on ORIC. Wedbush increased their price objective on ORIC Pharmaceuticals from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Cantor Fitzgerald started coverage on ORIC Pharmaceuticals in a report on Friday, February 23rd. They issued an “overweight” rating for the company. Finally, HC Wainwright increased their price objective on ORIC Pharmaceuticals from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $19.80.

ORIC Pharmaceuticals Stock Up 2.1 %

Shares of ORIC Pharmaceuticals stock opened at $13.75 on Wednesday. The company has a market cap of $926.48 million, a PE ratio of -7.02 and a beta of 1.04. The business has a 50 day moving average of $12.64 and a 200 day moving average of $9.31. ORIC Pharmaceuticals has a 52 week low of $4.75 and a 52 week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its earnings results on Monday, March 11th. The company reported ($0.49) EPS for the quarter, meeting analysts’ consensus estimates of ($0.49). On average, research analysts anticipate that ORIC Pharmaceuticals will post -1.76 earnings per share for the current year.

Insider Activity

In other news, CEO Jacob Chacko sold 13,958 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $12.12, for a total transaction of $169,170.96. Following the completion of the transaction, the chief executive officer now directly owns 794,586 shares in the company, valued at $9,630,382.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.34% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. purchased a new position in ORIC Pharmaceuticals in the second quarter worth about $25,000. UBS Group AG boosted its position in ORIC Pharmaceuticals by 3,233.1% in the fourth quarter. UBS Group AG now owns 4,433 shares of the company’s stock worth $26,000 after purchasing an additional 4,300 shares during the last quarter. Group One Trading L.P. purchased a new position in ORIC Pharmaceuticals in the first quarter worth about $26,000. Acadian Asset Management LLC purchased a new position in ORIC Pharmaceuticals in the first quarter worth about $29,000. Finally, Royal Bank of Canada boosted its position in ORIC Pharmaceuticals by 67,750.0% in the second quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock worth $32,000 after purchasing an additional 4,065 shares during the last quarter. 95.05% of the stock is owned by hedge funds and other 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.