HC Wainwright Reiterates Buy Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating restated by HC Wainwright in a report released on Wednesday, Benzinga reports. They presently have a $21.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 88.17% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Oppenheimer reduced their price objective on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 9th. Stifel Nicolaus started coverage on shares of ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 target price for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Tuesday, September 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus price target of $18.00.

ORIC Pharmaceuticals Stock Performance

ORIC stock opened at $11.16 on Wednesday. The firm has a market cap of $752.43 million, a price-to-earnings ratio of -6.20 and a beta of 1.12. The firm has a 50-day simple moving average of $10.04 and a two-hundred day simple moving average of $10.06. ORIC Pharmaceuticals has a one year low of $5.27 and a one year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.03). As a group, equities analysts predict that ORIC Pharmaceuticals will post -1.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted 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 acquiring an additional 629,536 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in ORIC Pharmaceuticals by 140.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock valued at $21,543,000 after buying an additional 915,175 shares in the last quarter. First Turn Management LLC lifted its stake in ORIC Pharmaceuticals by 38.1% in the 2nd quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock valued at $10,718,000 after buying an additional 418,389 shares in the last quarter. NEA Management Company LLC purchased a new position in ORIC Pharmaceuticals in the 1st quarter valued at about $20,625,000. Finally, Millennium Management LLC lifted its stake in ORIC Pharmaceuticals by 297.4% in the 2nd 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 in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.