ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.23, but opened at $11.72. ORIC Pharmaceuticals shares last traded at $8.77, with a volume of 538,896 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ORIC. HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and an average target price of $18.71.

ORIC Pharmaceuticals Trading Down 4.1 %

The company has a 50-day moving average of $9.43 and a 200-day moving average of $9.60.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share 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 earnings per share for the current year.

Insider Activity

In related news, CEO Jacob Chacko sold 24,660 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the transaction, the chief executive officer now owns 778,648 shares in the company, valued at $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the sale, the insider now owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ORIC. KLP Kapitalforvaltning AS acquired a new stake in shares of ORIC Pharmaceuticals during the 4th quarter worth approximately $50,000. Creative Planning bought a new position in ORIC Pharmaceuticals during the third quarter worth $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ORIC Pharmaceuticals in the third quarter worth $132,000. PNC Financial Services Group Inc. increased its stake in ORIC Pharmaceuticals by 22.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after purchasing an additional 2,520 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its holdings in shares of ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after purchasing an additional 5,646 shares during the period. 95.05% of the stock is owned by institutional investors and hedge funds.

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.