ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 5.6% – Should You Buy?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares shot up 5.6% on Thursday . The stock traded as high as $10.34 and last traded at $10.43. 207,218 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 678,413 shares. The stock had previously closed at $9.87.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ORIC. Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Performance

The firm has a market cap of $728.99 million, a PE ratio of -5.74 and a beta of 1.18. The stock’s 50 day simple moving average is $9.04 and its 200 day simple moving average is $9.56.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released 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 anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Transactions at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the sale, the insider now directly owns 46,765 shares in the company, 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 hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the business’s 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 $204,184.80. Following the completion of the sale, the chief executive officer now owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning bought a new stake in ORIC Pharmaceuticals during the 3rd quarter valued at $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in ORIC Pharmaceuticals in the 3rd quarter worth $132,000. China Universal Asset Management Co. Ltd. raised its holdings in ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares in the last quarter. Intech Investment Management LLC bought a new position in ORIC Pharmaceuticals in the 3rd quarter worth $200,000. Finally, XTX Topco Ltd bought a new position in ORIC Pharmaceuticals in the 2nd quarter worth $153,000. 95.05% of the stock is currently owned by 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.