ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 4.2%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares shot up 4.2% on Wednesday . The stock traded as high as $9.95 and last traded at $9.85. 174,442 shares were traded during mid-day trading, a decline of 68% from the average session volume of 549,840 shares. The stock had previously closed at $9.45.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ORIC. Cantor Fitzgerald began coverage on ORIC Pharmaceuticals in a report on Friday, February 23rd. They issued an “overweight” rating for the company. JPMorgan Chase & Co. dropped their price objective on ORIC Pharmaceuticals from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Wedbush upped 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. Finally, HC Wainwright upped 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. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $19.80.

ORIC Pharmaceuticals Trading Down 5.6 %

The business’s 50-day moving average is $12.57 and its two-hundred day moving average is $9.63. The stock has a market capitalization of $605.07 million, a PE ratio of -4.53 and a beta of 1.04.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Monday, March 11th. The company reported ($0.49) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.49). On average, analysts predict that ORIC Pharmaceuticals, Inc. will post -1.75 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jacob Chacko sold 13,958 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $12.12, for a total transaction of $169,170.96. Following the completion of the sale, the chief executive officer now directly owns 794,586 shares of the company’s stock, valued at approximately $9,630,382.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new position in ORIC Pharmaceuticals in the 2nd quarter valued at about $25,000. Royal Bank of Canada boosted its position in ORIC Pharmaceuticals by 67,750.0% in the 2nd quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock valued at $32,000 after buying an additional 4,065 shares during the last quarter. AJOVista LLC purchased a new position in ORIC Pharmaceuticals in the 4th quarter valued at about $40,000. UBS Group AG boosted its position in ORIC Pharmaceuticals by 3,233.1% in the 4th quarter. UBS Group AG now owns 4,433 shares of the company’s stock valued at $26,000 after buying an additional 4,300 shares during the last quarter. Finally, Group One Trading L.P. purchased a new position in ORIC Pharmaceuticals in the 1st quarter valued at about $26,000. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.