Brokerages Set ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) Price Target at $18.00

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) have been assigned an average recommendation of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $18.29.

ORIC has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, September 10th. Stifel Nicolaus initiated coverage on shares of ORIC Pharmaceuticals in a report on Friday, September 6th. They issued a “buy” rating and a $20.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday. They set an “overweight” rating and a $20.00 target price on the stock. Finally, Oppenheimer decreased their price target on shares of ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th.

ORIC Pharmaceuticals Stock Performance

Shares of ORIC stock opened at $9.38 on Tuesday. The firm has a market cap of $661.68 million, a P/E ratio of -5.38 and a beta of 1.12. The firm’s 50 day moving average price is $9.73 and its 200-day moving average price is $9.26. ORIC Pharmaceuticals has a one year low of $5.85 and a one year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). As a group, research analysts predict that ORIC Pharmaceuticals will post -1.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of large investors have recently modified their holdings of ORIC. NEA Management Company LLC purchased a new stake in shares of ORIC Pharmaceuticals during the 1st quarter worth $20,625,000. Price T Rowe Associates Inc. MD lifted its holdings in ORIC Pharmaceuticals by 140.5% during 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 buying an additional 915,175 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of ORIC Pharmaceuticals by 27.9% during the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock worth $39,628,000 after acquiring an additional 629,536 shares in the last quarter. Millennium Management LLC increased its holdings in shares of ORIC Pharmaceuticals by 297.4% in the 2nd quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after acquiring an additional 585,447 shares during the last quarter. Finally, First Turn Management LLC raised its position in shares of ORIC Pharmaceuticals by 38.1% during the 2nd quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock worth $10,718,000 after acquiring an additional 418,389 shares in the last quarter. 95.05% of the stock is 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.