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

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $21.00 price objective on the stock. HC Wainwright’s price target would indicate a potential upside of 111.91% from the company’s current price.

A number of other research firms have also recently commented on ORIC. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Finally, Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Price Performance

Shares of NASDAQ ORIC opened at $9.91 on Monday. ORIC Pharmaceuticals has a 1-year low of $6.33 and a 1-year high of $16.65. The business has a fifty day moving average price of $9.00 and a 200 day moving average price of $9.45. The stock has a market capitalization of $699.32 million, a P/E ratio of -5.51 and a beta of 1.18.

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

Insider Activity

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $204,184.80. Following the completion of the transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock valued at $350,749 over the last ninety days. 5.55% of the stock is currently owned by insiders.

Institutional Trading of ORIC Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock worth $4,205,000 after purchasing an additional 247,863 shares during the last quarter. Franklin Resources Inc. boosted its holdings in ORIC Pharmaceuticals by 26.1% in the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after purchasing an additional 196,804 shares during the last quarter. Bank of New York Mellon Corp grew its position in ORIC Pharmaceuticals by 62.0% during the 2nd 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 period. Creative Planning purchased a new position in shares of ORIC Pharmaceuticals during the 3rd quarter valued at about $116,000. Finally, Barclays PLC lifted its holdings in shares of ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after buying an additional 56,474 shares during the period. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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.