Oric Pharmaceuticals (NASDAQ:ORIC) Coverage Initiated at BTIG Research

Key Points

• BTIG Research initiated coverage of Oric Pharmaceuticals with a “buy” rating and a $26 price target, implying approximately 92.6% upside from the prior close.
• Analyst sentiment is broadly positive: 13 analysts rate the stock Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $20.18.
• Oric shares opened at $13.50, while the company continues to operate as a clinical-stage cancer biopharmaceutical firm; its latest quarterly loss of $0.38 per share was slightly worse than estimates.

Equities researchers at BTIG Research assumed coverage on shares of Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) in a research note issued on Wednesday, MarketBeat Ratings reports. The firm set a "buy" rating and a $26.00 price target on the stock. BTIG Research's target price suggests a potential upside of 92.59% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Oric Pharmaceuticals in a report on Friday, July 17th. HC Wainwright raised their price target on shares of Oric Pharmaceuticals from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Stifel Nicolaus started coverage on shares of Oric Pharmaceuticals in a report on Friday, June 12th. They set a "buy" rating and a $14.00 price target on the stock. Wall Street Zen raised shares of Oric Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 25th. Finally, Benchmark reiterated a "buy" rating on shares of Oric Pharmaceuticals in a research note on Monday, June 8th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Oric Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $20.18.

Oric Pharmaceuticals Stock Up 6.6%

Shares of ORIC stock opened at $13.50 on Wednesday. The firm has a 50 day moving average of $12.64 and a 200-day moving average of $10.84. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -10.00 and a beta of 1.00. Oric Pharmaceuticals has a 52 week low of $7.23 and a 52 week high of $14.93.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.02). Analysts anticipate that Oric Pharmaceuticals will post -1.53 earnings per share for the current year.

Insider Buying and Selling at Oric Pharmaceuticals

In other news, CFO Dominic Piscitelli sold 77,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the completion of the transaction, the chief financial officer directly owned 69,828 shares of the company's stock, valued at $955,945.32. This represents a 52.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in shares of Oric Pharmaceuticals in the second quarter valued at approximately $38,000. Quantbot Technologies LP bought a new position in Oric Pharmaceuticals in the 2nd quarter worth approximately $46,000. AXQ Capital LP bought a new position in Oric Pharmaceuticals in the 4th quarter worth approximately $85,000. Canada Pension Plan Investment Board purchased a new position in Oric Pharmaceuticals in the 2nd quarter valued at approximately $128,000. Finally, ProShare Advisors LLC grew its stake in Oric Pharmaceuticals by 22.5% in the 4th quarter. ProShare Advisors LLC now owns 16,392 shares of the company's stock valued at $134,000 after buying an additional 3,009 shares in the last quarter. 95.05% of the stock is owned by institutional investors.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. The company seeks to address treatment resistance by targeting biological mechanisms that allow tumors to survive or evade existing therapies, with an emphasis on restoring or enhancing the effectiveness of anti-cancer treatment.

Oric's research and development portfolio has included small-molecule drug candidates aimed at targets such as CD73 and the polycomb repressive complex 2 (PRC2).

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