Fred Alger Management LLC Acquires 63,535 Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)

Fred Alger Management LLC lifted its holdings in shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) by 40.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 219,447 shares of the company’s stock after acquiring an additional 63,535 shares during the quarter. Fred Alger Management LLC’s holdings in ORIC Pharmaceuticals were worth $2,249,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after buying an additional 3,188 shares during the last quarter. Quest Partners LLC increased its stake in shares of ORIC Pharmaceuticals by 253.2% during the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after purchasing an additional 7,440 shares during the period. Creative Planning bought a new stake in ORIC Pharmaceuticals in the 3rd quarter valued at $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ORIC Pharmaceuticals in the 3rd quarter valued at $132,000. Finally, China Universal Asset Management Co. Ltd. increased its position in 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 period. 95.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ORIC. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Tuesday, November 12th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, Oppenheimer cut their target price on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus price target of $18.29.

ORIC Pharmaceuticals Price Performance

NASDAQ ORIC opened at $9.90 on Monday. ORIC Pharmaceuticals, Inc. has a fifty-two week low of $6.33 and a fifty-two week high of $16.65. The business has a fifty day moving average price of $9.54 and a two-hundred day moving average price of $9.34. The stock has a market capitalization of $698.61 million, a PE ratio of -5.50 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, sell-side analysts expect that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current 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.