ORIC Pharmaceuticals (NASDAQ:ORIC) Posts Earnings Results

ORIC Pharmaceuticals (NASDAQ:ORIC) announced its quarterly earnings results on Tuesday. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01, Zacks reports.

ORIC Pharmaceuticals Stock Down 6.1 %

ORIC Pharmaceuticals stock traded down $0.51 during trading on Tuesday, reaching $7.85. The stock had a trading volume of 1,437,326 shares, compared to its average volume of 1,248,564. The stock has a market cap of $553.97 million, a PE ratio of -4.36 and a beta of 1.21. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65. The business has a 50 day moving average price of $9.35 and a 200 day moving average price of $9.53.

Insider Transactions at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction that occurred 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 owns 46,765 shares in the company, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $73,286.28. Following the sale, the chief financial officer now owns 106,764 shares of the company’s stock, valued at $884,005.92. This represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ORIC. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, February 11th. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $18.71.

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.