ORIC Pharmaceuticals (NASDAQ:ORIC) Trading 10.9% Higher – Time to Buy?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares were up 10.9% during trading on Tuesday . The stock traded as high as $9.75 and last traded at $9.54. Approximately 88,026 shares traded hands during trading, a decline of 87% from the average daily volume of 669,386 shares. The stock had previously closed at $8.60.

Analyst Ratings Changes

Several brokerages recently weighed in on ORIC. HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Finally, Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Performance

The firm’s 50 day simple moving average is $9.00 and its 200 day simple moving average is $9.43. The firm has a market capitalization of $668.98 million, a price-to-earnings ratio of -5.27 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). As a group, sell-side analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Activity at ORIC Pharmaceuticals

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Alkeon Capital Management LLC increased its holdings in ORIC Pharmaceuticals by 2.6% in the 3rd quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock worth $40,017,000 after acquiring an additional 100,000 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of ORIC Pharmaceuticals by 6.4% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company’s stock worth $13,884,000 after purchasing an additional 80,986 shares in the last quarter. Geode Capital Management LLC raised its position in shares of ORIC Pharmaceuticals by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company’s stock worth $13,056,000 after purchasing an additional 50,821 shares during the last quarter. Franklin Resources Inc. lifted its stake in ORIC Pharmaceuticals by 26.1% in the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after buying an additional 196,804 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in 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 buying an additional 585,447 shares in the last quarter. 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.