Wedbush Lowers Earnings Estimates for ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) – Analysts at Wedbush cut their FY2024 earnings per share (EPS) estimates for ORIC Pharmaceuticals in a research note issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($1.82) per share for the year, down from their previous forecast 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.

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

ORIC Pharmaceuticals Price Performance

NASDAQ ORIC opened at $8.50 on Friday. The company’s 50 day simple moving average is $9.69 and its two-hundred day simple moving average is $9.33. ORIC Pharmaceuticals has a 1 year low of $6.33 and a 1 year high of $16.65. The stock has a market capitalization of $599.82 million, a PE ratio of -4.72 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced 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 Trading of ORIC Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. NEA Management Company LLC bought a new position in shares of ORIC Pharmaceuticals in the first quarter worth about $20,625,000. Price T Rowe Associates Inc. MD increased its stake in ORIC Pharmaceuticals by 140.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock worth $21,543,000 after acquiring an additional 915,175 shares during the last quarter. Vanguard Group Inc. increased its position in ORIC Pharmaceuticals by 27.9% in the first quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock worth $39,628,000 after purchasing an additional 629,536 shares during the last quarter. Millennium Management LLC raised its stake in ORIC Pharmaceuticals by 297.4% during the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after purchasing an additional 585,447 shares in the last quarter. Finally, First Turn Management LLC lifted its position in ORIC Pharmaceuticals by 38.1% during the second quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock valued at $10,718,000 after purchasing an additional 418,389 shares during the last quarter. 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.