ORIC Pharmaceuticals’ (ORIC) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a report issued on Friday,Benzinga reports. They currently have a $21.00 price target on the stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Finally, Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Monday, February 10th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.71.

ORIC Pharmaceuticals Price Performance

Shares of ORIC stock opened at $7.68 on Friday. ORIC Pharmaceuticals has a 1-year low of $6.33 and a 1-year high of $16.65. The firm’s 50-day simple moving average is $9.27 and its 200-day simple moving average is $9.50. The firm has a market cap of $545.51 million, a P/E ratio of -4.22 and a beta of 1.21.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Analysts expect that ORIC Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Dominic Piscitelli sold 8,851 shares of the 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 $73,286.28. Following the completion of the transaction, the chief financial officer now directly owns 106,764 shares in the company, valued at approximately $884,005.92. This represents a 7.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction on 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. This trade represents a 15.91 % 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 ninety days. Corporate insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in ORIC Pharmaceuticals by 152.7% in 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 in the last quarter. Barclays PLC grew its position in shares of ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock worth $1,100,000 after acquiring an additional 56,474 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of ORIC Pharmaceuticals by 26.1% in the 3rd 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 during the last quarter. Creative Planning bought a new stake in shares of ORIC Pharmaceuticals in the 3rd quarter valued at approximately $116,000. Finally, JPMorgan Chase & Co. raised its position in shares of ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after acquiring an additional 1,279 shares in the last quarter. 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.