ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $7.85, but opened at $8.57. ORIC Pharmaceuticals shares last traded at $7.99, with a volume of 78,926 shares.
The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01.
Several research firms recently issued reports on ORIC. Cantor Fitzgerald reissued an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Wedbush reissued an "outperform" rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. HC Wainwright reiterated a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, February 11th. Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an "overweight" rating and a $20.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, February 6th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $18.71.
Get Our Latest Research Report on ORIC
In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 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 $73,278.00. Following the sale, the insider now owns 46,765 shares in the company, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dominic Piscitelli sold 8,851 shares of the business'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 transaction, the chief financial officer now directly owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 in the last ninety days. Insiders own 5.55% of the company's stock.
Several hedge funds have recently bought and sold shares of ORIC. KLP Kapitalforvaltning AS bought a new stake in shares of ORIC Pharmaceuticals during the 4th quarter worth $50,000. BNP Paribas Financial Markets bought a new position in shares of ORIC Pharmaceuticals in the 4th quarter valued at $71,000. PNC Financial Services Group Inc. increased its holdings in ORIC Pharmaceuticals by 22.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock worth $109,000 after purchasing an additional 2,520 shares in the last quarter. Creative Planning bought a new position in ORIC Pharmaceuticals in the third quarter valued at about $116,000. Finally, Tower Research Capital LLC TRC grew its holdings 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 worth $118,000 after purchasing an additional 13,384 shares during the last quarter. 95.05% of the stock is owned by institutional investors.
The company has a 50 day moving average price of $9.35 and a 200-day moving average price of $9.53. The company has a market cap of $559.27 million, a price-to-earnings ratio of -4.42 and a beta of 1.21.
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.
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