ORIC Pharmaceuticals (NASDAQ:ORIC) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC) in a report released on Monday morning,RTT News reports. Wedbush currently has a $20.00 target price on the stock.

Several other brokerages also recently commented on ORIC. HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note 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, the stock presently has an average rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Stock Up 8.0 %

Shares of ORIC opened at $8.60 on Monday. The business’s fifty day moving average is $9.00 and its 200 day moving average is $9.43. ORIC Pharmaceuticals has a 12-month low of $6.33 and a 12-month high of $16.65. The stock has a market cap of $606.88 million, a P/E ratio of -4.78 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, analysts expect that ORIC Pharmaceuticals will post -1.84 EPS for the current year.

Insider Activity at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 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 transaction of $204,184.80. Following the completion of the transaction, the chief executive officer now owns 778,648 shares in the company, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares in the company, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several large investors have recently modified their holdings of the business. Quest Partners LLC boosted its holdings in ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after buying an additional 7,440 shares during the period. Creative Planning purchased a new position in shares of ORIC Pharmaceuticals in the third quarter valued at $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at $132,000. China Universal Asset Management Co. Ltd. lifted its holdings in ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in ORIC Pharmaceuticals in the 3rd quarter worth about $200,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.

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.