JPMorgan Chase & Co. Raises ORIC Pharmaceuticals (NASDAQ:ORIC) Price Target to $22.00

ORIC Pharmaceuticals (NASDAQ:ORIC) had its price target increased by research analysts at JPMorgan Chase & Co. from $21.00 to $22.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 180.61% from the stock’s current price.

A number of other equities analysts have also recently weighed in on ORIC. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Finally, Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $18.86.

ORIC Pharmaceuticals Stock Down 5.5 %

Shares of NASDAQ:ORIC opened at $7.84 on Wednesday. The business has a 50-day moving average price of $9.27 and a 200-day moving average price of $9.48. The stock has a market cap of $556.85 million, a price-to-earnings ratio of -4.31 and a beta of 1.20. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Tuesday, February 18th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. As a group, equities analysts anticipate that ORIC Pharmaceuticals will post -2.17 EPS for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 shares of the firm’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 $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. This trade represents a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the firm’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 $73,278.00. Following the sale, the insider now directly owns 46,765 shares in the company, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock valued at $350,749 in the last quarter. Corporate insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning purchased a new position in ORIC Pharmaceuticals during the 3rd quarter worth approximately $116,000. China Universal Asset Management Co. Ltd. grew its stake 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 last quarter. Victory Capital Management Inc. grew its stake in ORIC Pharmaceuticals by 4.1% during the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock worth $1,022,000 after buying an additional 3,900 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in ORIC Pharmaceuticals during the 3rd quarter worth approximately $132,000. Finally, Intech Investment Management LLC purchased a new position in shares of ORIC Pharmaceuticals in the 3rd quarter valued at approximately $200,000. Institutional investors and hedge funds 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.