Wedbush Lowers Earnings Estimates for ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) – Equities research analysts at Wedbush lowered their FY2024 earnings per share estimates for ORIC Pharmaceuticals in a research note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings of ($1.82) per share for the year, down from their previous estimate of ($1.73). Wedbush currently has a “Outperform” rating and a $20.00 target price on the stock. The consensus estimate for ORIC Pharmaceuticals’ current full-year earnings is ($1.80) per share. Wedbush also issued estimates for ORIC Pharmaceuticals’ Q4 2024 earnings at ($0.50) EPS, FY2025 earnings at ($2.18) EPS, FY2026 earnings at ($2.08) EPS and FY2027 earnings at ($2.24) EPS.

Several other analysts have also recently weighed in on ORIC. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Oppenheimer dropped their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Stifel Nicolaus started coverage on ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 price target on the stock. Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Trading Down 3.7 %

Shares of ORIC opened at $8.50 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 moving average price is $9.69 and its 200-day moving average price is $9.33. The firm has a market capitalization of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01).

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after purchasing an additional 3,188 shares in the last quarter. Quest Partners LLC lifted its stake in shares of ORIC Pharmaceuticals by 253.2% in the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after buying an additional 7,440 shares in the last quarter. Creative Planning bought a new position in shares of ORIC Pharmaceuticals in the third quarter worth approximately $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter valued at approximately $132,000. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of 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 valued at $139,000 after acquiring an additional 5,646 shares in 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.