JPMorgan Chase & Co. Issues Positive Forecast for ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price

ORIC Pharmaceuticals (NASDAQ:ORIC) had its target price raised by analysts at JPMorgan Chase & Co. from $19.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 63.37% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Finally, Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $18.71.

ORIC Pharmaceuticals Stock Up 3.7 %

Shares of NASDAQ ORIC traded up $0.46 on Thursday, reaching $12.85. 1,103,136 shares of the company’s stock traded hands, compared to its average volume of 845,394. ORIC Pharmaceuticals has a 12 month low of $6.33 and a 12 month high of $16.65. The business’s 50 day simple moving average is $9.31 and its two-hundred day simple moving average is $9.61. The company has a market cap of $907.11 million, a price-to-earnings ratio of -7.13 and a beta of 1.20.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). Analysts forecast that ORIC Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

Insider Transactions at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals 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 transaction, the insider now owns 46,765 shares in the company, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,286.28. Following the transaction, the chief financial officer now owns 106,764 shares in the company, valued at approximately $884,005.92. This trade represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 in the last 90 days. 5.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Creative Planning purchased a new position in shares of ORIC Pharmaceuticals during the 3rd quarter valued at $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ORIC Pharmaceuticals during the 3rd quarter valued at $132,000. China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares in the last quarter. Intech Investment Management LLC purchased a new stake in ORIC Pharmaceuticals in the 3rd quarter worth $200,000. Finally, Squarepoint Ops LLC lifted its stake in ORIC Pharmaceuticals by 95.6% in the 2nd quarter. Squarepoint Ops LLC now owns 33,984 shares of the company’s stock worth $240,000 after purchasing an additional 16,613 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.