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

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

Analysts Set New Price Targets

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

ORIC Pharmaceuticals Trading Up 18.2 %

The stock’s 50-day moving average is $9.31 and its 200-day moving average is $9.61. The firm has a market capitalization of $896.45 million, a price-to-earnings ratio of -7.06 and a beta of 1.20.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data 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). On average, equities research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction on Monday, December 16th. The stock was 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 approximately $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. In the last ninety days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake in ORIC Pharmaceuticals by 4.6% during the fourth quarter. Rhumbline Advisers now owns 93,319 shares of the company’s stock worth $753,000 after acquiring an additional 4,072 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of ORIC Pharmaceuticals by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company’s stock valued at $121,000 after buying an additional 1,395 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in shares of ORIC Pharmaceuticals by 18.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 162,909 shares of the company’s stock valued at $1,315,000 after buying an additional 24,947 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ORIC Pharmaceuticals by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after buying an additional 1,279 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of ORIC Pharmaceuticals by 26.1% in the third 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. 95.05% of the stock is owned by institutional investors.

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.