ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 5.6% – Should You Buy?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price shot up 5.6% on Thursday . The company traded as high as $10.34 and last traded at $10.43. 207,218 shares were traded during mid-day trading, a decline of 69% from the average session volume of 678,413 shares. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

Several analysts recently commented on ORIC shares. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Price Performance

The firm has a fifty day moving average of $9.04 and a two-hundred day moving average of $9.56. The stock has a market capitalization of $728.99 million, a P/E ratio of -5.74 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, sell-side analysts forecast 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 business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $204,184.80. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 over the last quarter. Insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of large investors have recently bought and sold shares of ORIC. Millennium Management LLC boosted its position in ORIC Pharmaceuticals by 297.4% in the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after buying an additional 585,447 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ORIC Pharmaceuticals by 190.2% in the second quarter. Dimensional Fund Advisors LP now owns 466,662 shares of the company’s stock valued at $3,299,000 after buying an additional 305,860 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in ORIC Pharmaceuticals by 152.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares during the last quarter. Franklin Resources Inc. boosted its position in 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 during the last quarter. Finally, Sphera Funds Management LTD. purchased a new stake in ORIC Pharmaceuticals in the third quarter valued at approximately $1,316,000. 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.