ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 15.6% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price shot up 15.6% during trading on Tuesday . The company traded as high as $11.07 and last traded at $11.73. 180,082 shares changed hands during trading, a decline of 76% from the average session volume of 766,222 shares. The stock had previously closed at $10.15.

Analyst Ratings Changes

A number of brokerages have recently commented on ORIC. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Up 18.2 %

The firm has a market capitalization of $896.45 million, a price-to-earnings ratio of -7.06 and a beta of 1.20. The stock’s 50 day moving average price is $9.31 and its two-hundred day moving average price is $9.61.

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

Insider Buying and Selling at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 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 transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dominic Piscitelli sold 8,851 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,286.28. Following the transaction, the chief financial officer now owns 106,764 shares in the company, valued at $884,005.92. This represents a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,361 shares of company stock worth $350,749. Insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Planning acquired a new position in ORIC Pharmaceuticals in the 3rd quarter valued at about $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ORIC Pharmaceuticals in the 3rd quarter valued at about $132,000. China Universal Asset Management Co. Ltd. grew its stake in ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after buying an additional 5,646 shares during the last quarter. Intech Investment Management LLC acquired a new position in ORIC Pharmaceuticals in the 3rd quarter valued at about $200,000. Finally, Squarepoint Ops LLC grew its stake in ORIC Pharmaceuticals by 95.6% in the 2nd quarter. Squarepoint Ops LLC now owns 33,984 shares of the company’s stock valued at $240,000 after buying an additional 16,613 shares during the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.