Oppenheimer Issues Pessimistic Forecast for ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price

ORIC Pharmaceuticals (NASDAQ:ORIC - Free Report) had its price objective cut by Oppenheimer from $15.00 to $12.00 in a report published on Tuesday morning, Marketbeat reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently commented on ORIC. Wedbush restated an "outperform" rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Thursday, March 20th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Tuesday, May 6th. HC Wainwright reissued a "buy" rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, May 5th. JPMorgan Chase & Co. upped their target price on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $19.17.

ORIC Pharmaceuticals Stock Performance

Shares of ORIC stock traded down $0.24 during trading hours on Tuesday, hitting $5.08. 418,639 shares of the company were exchanged, compared to its average volume of 645,328. The stock has a market capitalization of $361.13 million, a price-to-earnings ratio of -2.79 and a beta of 1.37. ORIC Pharmaceuticals has a one year low of $3.90 and a one year high of $14.67. The business's 50-day simple moving average is $5.90 and its two-hundred day simple moving average is $8.06.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.42) earnings per share for the quarter, beating analysts' consensus estimates of ($0.51) by $0.09. As a group, analysts anticipate that ORIC Pharmaceuticals will post -2.17 EPS for the current fiscal year.

Institutional Trading of ORIC Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. KLP Kapitalforvaltning AS bought a new stake in ORIC Pharmaceuticals in the fourth quarter worth about $50,000. Arizona State Retirement System acquired a new stake in ORIC Pharmaceuticals during the first quarter valued at approximately $56,000. BNP Paribas Financial Markets acquired a new position in ORIC Pharmaceuticals in the fourth quarter worth approximately $71,000. PNC Financial Services Group Inc. lifted its position in shares of ORIC Pharmaceuticals by 22.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock valued at $109,000 after acquiring an additional 2,520 shares during the last quarter. Finally, Legato Capital Management LLC bought a new stake in shares of ORIC Pharmaceuticals during the 1st quarter worth $109,000. 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.