JPMorgan Chase & Co. Issues Pessimistic Forecast for Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered its price target for Oric Pharmaceuticals from $20.00 to $17.00, while maintaining an "overweight" rating, suggesting a potential upside of 75.08% from the company's previous close.
• Oric Pharmaceuticals' stock has decreased by 1.2%, currently trading at $9.71, and it reported a loss of ($0.47) EPS, missing analysts' expectations.
• Despite recent price adjustments, nine research analysts have rated Oric Pharmaceuticals as a "buy," indicating a consensus rating of "Buy" with an average price target of $17.63.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) had its price target reduced by analysts at JPMorgan Chase & Co. from $20.00 to $17.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 75.98% from the company's current price.

ORIC has been the topic of a number of other research reports. LADENBURG THALM/SH SH assumed coverage on Oric Pharmaceuticals in a report on Tuesday, July 8th. They issued a "buy" rating and a $15.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Oric Pharmaceuticals in a report on Tuesday, May 6th. Guggenheim reiterated a "buy" rating and issued a $18.00 target price on shares of Oric Pharmaceuticals in a research report on Wednesday. Wedbush restated an "outperform" rating and set a $20.00 price target on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. Finally, Oppenheimer decreased their price target on shares of Oric Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.63.

Oric Pharmaceuticals Trading Down 2.7%

Shares of NASDAQ ORIC traded down $0.27 during midday trading on Thursday, reaching $9.66. The company's stock had a trading volume of 650,938 shares, compared to its average volume of 1,295,893. The company has a market cap of $938.21 million, a price-to-earnings ratio of -5.11 and a beta of 1.69. Oric Pharmaceuticals has a one year low of $3.90 and a one year high of $14.67. The company has a 50 day moving average price of $10.30 and a 200 day moving average price of $8.08.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). Research analysts anticipate that Oric Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dominic Piscitelli sold 32,466 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.50, for a total transaction of $340,893.00. Following the transaction, the chief financial officer directly owned 68,317 shares of the company's stock, valued at approximately $717,328.50. The trade was a 32.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Angie You bought 26,597 shares of Oric Pharmaceuticals stock in a transaction dated Friday, June 20th. The shares were bought at an average cost of $9.39 per share, for a total transaction of $249,745.83. Following the completion of the acquisition, the director owned 26,597 shares in the company, valued at $249,745.83. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 40,000 shares of company stock worth $416,289. 6.82% of the stock is owned by insiders.

Institutional Trading of Oric Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in shares of Oric Pharmaceuticals by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,278,713 shares of the company's stock worth $10,321,000 after buying an additional 5,200 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Oric Pharmaceuticals by 30.2% during the fourth quarter. Wells Fargo & Company MN now owns 35,857 shares of the company's stock valued at $289,000 after buying an additional 8,311 shares during the period. Invesco Ltd. boosted its holdings in shares of Oric Pharmaceuticals by 8.5% in the fourth quarter. Invesco Ltd. now owns 23,958 shares of the company's stock valued at $193,000 after purchasing an additional 1,876 shares during the period. Barclays PLC raised its stake in Oric Pharmaceuticals by 6.9% in the fourth quarter. Barclays PLC now owns 114,692 shares of the company's stock worth $927,000 after buying an additional 7,431 shares in the last quarter. Finally, XTX Topco Ltd increased its position in shares of Oric Pharmaceuticals by 120.9% in the 4th quarter. XTX Topco Ltd now owns 25,966 shares of the company's stock valued at $210,000 after acquiring an additional 14,209 shares during the period. 95.05% of the stock is currently owned by institutional investors.

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.