Wedbush Reaffirms Outperform Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They presently have a $20.00 target price on the stock. Wedbush’s target price points to a potential upside of 184.50% from the company’s current price.

A number of other research firms have also issued reports on ORIC. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Friday, February 21st. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. boosted their price target on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $18.86.

ORIC Pharmaceuticals Price Performance

NASDAQ ORIC opened at $7.03 on Thursday. The company’s 50 day simple moving average is $9.08 and its 200 day simple moving average is $9.23. ORIC Pharmaceuticals has a 12 month low of $6.33 and a 12 month high of $14.67. The company has a market capitalization of $499.32 million, a P/E ratio of -3.86 and a beta of 1.25.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, February 18th. The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. On average, analysts anticipate that ORIC Pharmaceuticals will post -2.17 earnings per share for the current year.

Institutional Trading of ORIC Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ORIC. KLP Kapitalforvaltning AS acquired a new position in ORIC Pharmaceuticals during the 4th quarter valued at $50,000. BNP Paribas Financial Markets acquired a new position in ORIC Pharmaceuticals during the 4th quarter valued at $71,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ORIC Pharmaceuticals in the 3rd quarter valued at $132,000. PNC Financial Services Group Inc. raised its stake in shares of ORIC Pharmaceuticals by 22.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after buying an additional 2,520 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of ORIC Pharmaceuticals in the 4th quarter valued at $118,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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.