ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $11.23, but opened at $11.72. ORIC Pharmaceuticals shares last traded at $8.77, with a volume of 538,896 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ORIC. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. JPMorgan Chase & Co. lifted their price objective on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Wells Fargo & Company began coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Finally, Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Monday. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus target price of $18.71.

ORIC Pharmaceuticals Stock Performance

The stock has a market capitalization of $655.03 million, a P/E ratio of -4.97 and a beta of 1.21. The stock has a 50-day moving average price of $9.41 and a two-hundred day moving average price of $9.62.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.01). Equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction dated 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 directly owns 46,765 shares in the company, valued at $387,214.20. The trade was a 15.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the company’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 transaction of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock worth $350,749 over the last three months. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several large investors have recently made changes to their positions in ORIC. Charles Schwab Investment Management Inc. boosted its stake in ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares during the last quarter. Barclays PLC boosted its position in shares of ORIC Pharmaceuticals by 111.2% during the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after acquiring an additional 56,474 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of ORIC Pharmaceuticals by 26.1% in the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after purchasing an additional 196,804 shares in the last quarter. Creative Planning bought a new stake in ORIC Pharmaceuticals in the third quarter worth $116,000. Finally, SG Americas Securities LLC purchased a new stake in ORIC Pharmaceuticals during the third quarter valued at $714,000. 95.05% of the stock is currently 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.