ORIC Pharmaceuticals (NASDAQ:ORIC) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

ORIC Pharmaceuticals (NASDAQ:ORIC) released its earnings results on Tuesday. The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01, Zacks reports.

ORIC Pharmaceuticals Stock Performance

NASDAQ ORIC traded down $0.51 during mid-day trading on Tuesday, reaching $7.85. 1,437,326 shares of the stock were exchanged, compared to its average volume of 1,248,564. ORIC Pharmaceuticals has a 1 year low of $6.33 and a 1 year high of $16.65. The business’s 50 day moving average is $9.35 and its 200-day moving average is $9.53. The company has a market capitalization of $553.97 million, a P/E ratio of -4.36 and a beta of 1.21.

Insiders Place Their Bets

In other news, CFO Dominic Piscitelli sold 8,851 shares of the business’s 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 $73,286.28. Following the completion of the sale, the chief financial officer now directly owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jacob Chacko sold 24,660 shares of the company’s 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 $204,184.80. Following the transaction, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,361 shares of company stock worth $350,749. Company insiders own 5.55% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wells Fargo & Company started coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday, February 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Finally, Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Monday, February 10th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $18.71.

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.