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

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued on Monday,RTT News reports. They currently have a $20.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 101.82% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Price Performance

Shares of NASDAQ:ORIC opened at $9.91 on Monday. The firm has a 50 day simple moving average of $9.00 and a 200 day simple moving average of $9.45. The company has a market cap of $699.32 million, a price-to-earnings ratio of -5.51 and a beta of 1.18. ORIC Pharmaceuticals has a one year low of $6.33 and a one year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly 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, analysts expect that ORIC Pharmaceuticals will post -1.84 EPS for the current year.

Insider Transactions at ORIC Pharmaceuticals

In related news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the transaction, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,361 shares of company stock worth $350,749. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ORIC. Quest Partners LLC grew its position in shares of ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after buying an additional 7,440 shares during the period. Creative Planning acquired a new stake in ORIC Pharmaceuticals in the third quarter worth $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ORIC Pharmaceuticals in the third quarter worth $132,000. China Universal Asset Management Co. Ltd. increased its stake in ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after purchasing an additional 5,646 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of ORIC Pharmaceuticals during the second quarter valued at about $153,000. 95.05% of the stock is owned by institutional investors and hedge funds.

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.