ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 7.7% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price shot up 7.7% during trading on Wednesday . The company traded as high as $11.11 and last traded at $11.05. 49,309 shares were traded during mid-day trading, a decline of 90% from the average session volume of 515,048 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ORIC. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Stifel Nicolaus assumed coverage on ORIC Pharmaceuticals in a report on Friday, September 6th. They issued a “buy” rating and a $20.00 price objective on the stock. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday. Oppenheimer cut their price objective on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Finally, Wells Fargo & Company began coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Performance

The company has a 50-day moving average price of $9.72 and a 200-day moving average price of $9.33. The firm has a market capitalization of $623.11 million, a price-to-earnings ratio of -4.91 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, research analysts expect that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current fiscal year.

Institutional Trading of ORIC Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NEA Management Company LLC purchased a new position in shares of ORIC Pharmaceuticals during the 1st quarter worth approximately $20,625,000. Price T Rowe Associates Inc. MD raised its stake in shares of ORIC Pharmaceuticals by 140.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock worth $21,543,000 after buying an additional 915,175 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of ORIC Pharmaceuticals by 27.9% during the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock worth $39,628,000 after buying an additional 629,536 shares in the last quarter. Millennium Management LLC raised its position in shares of ORIC Pharmaceuticals by 297.4% in the 2nd quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock worth $5,531,000 after buying an additional 585,447 shares during the period. Finally, First Turn Management LLC raised its position in shares of ORIC Pharmaceuticals by 38.1% in the 2nd quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock worth $10,718,000 after buying an additional 418,389 shares during the period. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.