ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up on Strong Earnings

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $7.85, but opened at $8.57. ORIC Pharmaceuticals shares last traded at $7.99, with a volume of 78,926 shares traded.

The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01.

Analyst Ratings Changes

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

Insider Transactions at ORIC Pharmaceuticals

In other news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the transaction, the chief financial officer now owns 106,764 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the sale, the chief executive officer now owns 778,648 shares of the company’s stock, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Boxer Capital Management LLC bought a new stake in ORIC Pharmaceuticals during the fourth quarter worth about $13,982,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of ORIC Pharmaceuticals in the 4th quarter worth approximately $5,845,000. Balyasny Asset Management L.P. grew its stake in shares of ORIC Pharmaceuticals by 37.5% in the 4th 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 during the last quarter. Charles Schwab Investment Management Inc. increased its position in ORIC Pharmaceuticals by 152.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares in the last quarter. Finally, Diadema Partners LP purchased a new position in ORIC Pharmaceuticals during the fourth quarter valued at $1,729,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.

ORIC Pharmaceuticals Stock Up 1.0 %

The company has a fifty day simple moving average of $9.35 and a 200 day simple moving average of $9.53. The firm has a market capitalization of $559.27 million, a P/E ratio of -4.42 and a beta of 1.21.

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.