ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 13.9% After Analyst Upgrade

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares rose 13.9% during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $22.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ORIC Pharmaceuticals traded as high as $9.53 and last traded at $9.20. Approximately 420,908 shares traded hands during trading, a decline of 65% from the average daily volume of 1,202,366 shares. The stock had previously closed at $8.08.

ORIC has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Friday, February 21st. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Finally, Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a report on Wednesday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average target price of $18.86.

Insider Buying and Selling

In related news, CEO Jacob Chacko sold 24,660 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 value of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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. In the last ninety days, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in ORIC Pharmaceuticals by 54.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company’s stock valued at $287,000 after acquiring an additional 12,545 shares during the period. Two Sigma Advisers LP raised its stake in ORIC Pharmaceuticals by 14.3% in the 4th quarter. Two Sigma Advisers LP now owns 66,500 shares of the company’s stock valued at $537,000 after acquiring an additional 8,300 shares during the period. Tema Etfs LLC bought a new stake in shares of ORIC Pharmaceuticals during the fourth quarter valued at about $367,000. Sphera Funds Management LTD. increased its position in shares of ORIC Pharmaceuticals by 112.8% during the fourth quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company’s stock valued at $2,205,000 after buying an additional 144,817 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of ORIC Pharmaceuticals by 30.9% during the fourth quarter. ProShare Advisors LLC now owns 20,683 shares of the company’s stock valued at $167,000 after buying an additional 4,881 shares during the period. 95.05% of the stock is currently owned by institutional investors.

ORIC Pharmaceuticals Stock Up 2.7 %

The company has a 50-day moving average price of $9.25 and a two-hundred day moving average price of $9.49. The stock has a market capitalization of $589.52 million, a P/E ratio of -4.56 and a beta of 1.20.

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 the consensus estimate of ($0.52) by $0.01. On average, sell-side analysts expect that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

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.