ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 13.9% After Analyst Upgrade

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) traded up 13.9% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $22.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ORIC Pharmaceuticals traded as high as $9.53 and last traded at $9.20. 420,908 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 1,202,366 shares. The stock had previously closed at $8.08.

Several other research analysts have also recently weighed in on ORIC. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Wednesday. HC Wainwright restated a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Friday, February 21st. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. 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 price objective on the stock. Finally, Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $18.86.

Insiders Place Their Bets

In other ORIC Pharmaceuticals news, CFO Dominic Piscitelli sold 8,851 shares of the company’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 value of $73,286.28. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jacob Chacko sold 24,660 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 $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock valued at $350,749 over the last quarter. 5.55% of the stock is owned by corporate insiders.

Institutional Trading of ORIC Pharmaceuticals

A number of institutional investors have recently made changes to their positions in ORIC. KLP Kapitalforvaltning AS purchased a new stake in shares of ORIC Pharmaceuticals during the fourth quarter valued at approximately $50,000. BNP Paribas Financial Markets purchased a new stake in shares of ORIC Pharmaceuticals during the fourth quarter valued at approximately $71,000. PNC Financial Services Group Inc. boosted its stake in shares of ORIC Pharmaceuticals by 22.9% during 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 during the period. Creative Planning purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter valued at approximately $116,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of ORIC Pharmaceuticals by 1,048.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,661 shares of the company’s stock valued at $118,000 after purchasing an additional 13,384 shares during the period. Hedge funds and other institutional investors own 95.05% of the company’s stock.

ORIC Pharmaceuticals Stock Up 2.7 %

The company has a market cap of $589.52 million, a P/E ratio of -4.56 and a beta of 1.20. The business has a fifty day moving average of $9.25 and a 200 day moving average of $9.49.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its earnings results on Tuesday, February 18th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. On average, sell-side analysts anticipate that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

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.