JPMorgan Chase & Co. Cuts Oric Pharmaceuticals (NASDAQ:ORIC) Price Target to $17.00

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 target price dropped by analysts at JPMorgan Chase & Co. from $20.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 77.08% from the company's current price.

Other analysts have also recently issued reports about the stock. Oppenheimer lowered their price target on shares of Oric Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Guggenheim reaffirmed a "buy" rating and issued a $18.00 price target on shares of Oric Pharmaceuticals in a report on Wednesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Oric Pharmaceuticals in a research report on Tuesday, May 6th. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of Oric Pharmaceuticals in a research report on Monday, June 23rd. Finally, LADENBURG THALM/SH SH initiated coverage on Oric Pharmaceuticals in a research note on Tuesday, July 8th. They set a "buy" rating and a $15.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $17.63.

Oric Pharmaceuticals Stock Down 3.0%

NASDAQ ORIC traded down $0.30 during midday trading on Thursday, hitting $9.60. 826,389 shares of the company traded hands, compared to its average volume of 1,320,791. Oric Pharmaceuticals has a 52 week low of $3.90 and a 52 week high of $14.67. The company's 50-day simple moving average is $10.30 and its 200-day simple moving average is $8.07.

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

Insiders Place Their Bets

In related news, CFO Dominic Piscitelli sold 32,466 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $10.50, for a total transaction of $340,893.00. Following the completion of the transaction, the chief financial officer owned 68,317 shares of the company's stock, valued at $717,328.50. This trade represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Angie You purchased 26,597 shares of the business's stock in a transaction on 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 transaction, the director directly owned 26,597 shares in the company, valued at $249,745.83. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 40,000 shares of company stock worth $416,289 in the last quarter. Company insiders own 5.55% of the company's stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in shares of Oric Pharmaceuticals by 17,300.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,436 shares of the company's stock valued at $25,000 after purchasing an additional 2,422 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in Oric Pharmaceuticals by 35.9% in the second quarter. ANTIPODES PARTNERS Ltd now owns 5,194 shares of the company's stock valued at $53,000 after buying an additional 1,372 shares in the last quarter. Arizona State Retirement System acquired a new position in shares of Oric Pharmaceuticals in the first quarter worth about $56,000. BNP Paribas Financial Markets acquired a new position in shares of Oric Pharmaceuticals in the fourth quarter worth about $71,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Oric Pharmaceuticals during the 1st quarter worth about $102,000. 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.