Brokerages Set ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) Target Price at $18.86

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) have been assigned an average recommendation of “Buy” from the nine research firms that are covering the firm, Marketbeat.com reports. Nine analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have covered the stock in the last year is $18.86.

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. 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. HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Friday, February 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th.

ORIC Pharmaceuticals Stock Performance

Shares of NASDAQ ORIC opened at $7.95 on Monday. The stock has a market cap of $564.66 million, a P/E ratio of -4.37 and a beta of 1.25. The firm has a 50 day moving average price of $9.24 and a 200 day moving average price of $9.43. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Analysts predict that ORIC Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of the company’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 $73,278.00. Following the completion of the transaction, the insider now owns 46,765 shares in the company, valued at approximately $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 three months, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of ORIC. Boxer Capital Management LLC acquired a new position in shares of ORIC Pharmaceuticals in the fourth quarter valued at about $13,982,000. Schonfeld Strategic Advisors LLC acquired a new stake in ORIC Pharmaceuticals during the fourth quarter worth about $5,845,000. Balyasny Asset Management L.P. grew its stake in ORIC Pharmaceuticals by 37.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,555,260 shares of the company’s stock worth $12,551,000 after buying an additional 424,194 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 worth $4,205,000 after buying an additional 247,863 shares in the last quarter. Finally, Diadema Partners LP acquired a new stake in ORIC Pharmaceuticals during the fourth quarter worth about $1,729,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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.