ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up on Earnings Beat

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $7.85, but opened at $8.57. ORIC Pharmaceuticals shares last traded at $7.99, with a volume of 78,926 shares traded.

The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, February 11th. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.71.

Insider Activity

In related news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now directly owns 46,765 shares in the company, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jacob Chacko sold 24,660 shares of the business’s stock in a transaction 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 owns 778,648 shares of the company’s stock, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,361 shares of company stock worth $350,749. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ORIC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of ORIC Pharmaceuticals by 54.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company’s stock worth $287,000 after acquiring an additional 12,545 shares in the last quarter. Two Sigma Advisers LP boosted its stake in ORIC Pharmaceuticals by 14.3% during the 4th quarter. Two Sigma Advisers LP now owns 66,500 shares of the company’s stock valued at $537,000 after purchasing an additional 8,300 shares during the last quarter. Tema Etfs LLC bought a new stake in ORIC Pharmaceuticals during the 4th quarter worth approximately $367,000. Sphera Funds Management LTD. raised its stake in shares of ORIC Pharmaceuticals by 112.8% in the fourth quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company’s stock worth $2,205,000 after purchasing an additional 144,817 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of ORIC Pharmaceuticals by 30.9% in the fourth quarter. ProShare Advisors LLC now owns 20,683 shares of the company’s stock valued at $167,000 after purchasing an additional 4,881 shares in the last quarter. 95.05% of the stock is owned by institutional investors.

ORIC Pharmaceuticals Stock Up 1.1 %

The company has a 50-day moving average of $9.31 and a 200-day moving average of $9.51. The company has a market cap of $560.33 million, a PE ratio of -4.41 and a beta of 1.21.

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.