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Oppenheimer Cuts ORIC Pharmaceuticals (NASDAQ:ORIC) Price Target to $12.00

ORIC Pharmaceuticals logo with Medical background

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) had its price target cut by equities researchers at Oppenheimer from $15.00 to $12.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price target would suggest a potential upside of 112.58% from the company's previous close.

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Guggenheim reissued a "buy" rating on shares of ORIC Pharmaceuticals in a report on Wednesday, February 26th. Wedbush reiterated an "outperform" rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Thursday, March 20th. HC Wainwright reissued a "buy" rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Monday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $18.43.

Check Out Our Latest Research Report on ORIC

ORIC Pharmaceuticals Stock Performance

ORIC Pharmaceuticals stock opened at $5.65 on Tuesday. The stock has a fifty day moving average of $6.12 and a two-hundred day moving average of $8.17. ORIC Pharmaceuticals has a fifty-two week low of $3.90 and a fifty-two week high of $14.67. The company has a market capitalization of $401.27 million, a price-to-earnings ratio of -3.15 and a beta of 1.37.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.10. On average, analysts forecast that ORIC Pharmaceuticals will post -2.17 EPS for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in ORIC Pharmaceuticals by 54.1% during the 1st quarter. Victory Capital Management Inc. now owns 150,260 shares of the company's stock valued at $838,000 after buying an additional 52,760 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of ORIC Pharmaceuticals by 137.1% during the first quarter. New York State Common Retirement Fund now owns 38,486 shares of the company's stock valued at $215,000 after buying an additional 22,257 shares during the last quarter. Arizona State Retirement System purchased a new stake in ORIC Pharmaceuticals in the first quarter valued at about $56,000. Wellington Management Group LLP increased its holdings in shares of ORIC Pharmaceuticals by 6.9% in the fourth quarter. Wellington Management Group LLP now owns 186,430 shares of the company's stock valued at $1,504,000 after purchasing an additional 12,042 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ORIC Pharmaceuticals by 54.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company's stock valued at $287,000 after purchasing an additional 12,545 shares during the last quarter. Institutional investors own 95.05% of the company's stock.

ORIC Pharmaceuticals Company Profile

(Get Free Report)

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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Analyst Recommendations for ORIC Pharmaceuticals (NASDAQ:ORIC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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