ORIC Pharmaceuticals (NASDAQ:ORIC) Earns “Buy” Rating from HC Wainwright

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $21.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 154.55% from the company’s previous close.

Several other brokerages have also issued reports on ORIC. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

Shares of ORIC Pharmaceuticals stock traded up $0.29 during trading on Monday, reaching $8.25. 205,339 shares of the stock traded hands, compared to its average volume of 691,567. The company has a market capitalization of $582.18 million, a price-to-earnings ratio of -4.58 and a beta of 1.18. The business has a fifty day simple moving average of $9.01 and a two-hundred day simple moving average of $9.42. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65.

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

Insiders Place Their Bets

In related news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now owns 46,765 shares in the company, valued at approximately $387,214.20. This represents 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, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals 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 $204,184.80. Following the sale, the chief executive officer now owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,361 shares of company stock valued at $350,749. Insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in ORIC. Quest Partners LLC grew its holdings in shares of ORIC Pharmaceuticals by 253.2% in the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after purchasing an additional 7,440 shares during the period. Creative Planning acquired a new position in ORIC Pharmaceuticals in the 3rd quarter valued at about $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of ORIC Pharmaceuticals in the 3rd quarter valued at approximately $132,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after buying an additional 5,646 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at approximately $200,000. 95.05% of the stock is currently 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.