ORIC Pharmaceuticals (NASDAQ:ORIC) Sees Unusually-High Trading Volume - Should You Buy?

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) saw strong trading volume on Monday . 722,488 shares traded hands during trading, a decline of 2% from the previous session's volume of 736,072 shares.The stock last traded at $8.49 and had previously closed at $8.17.

Analyst Ratings Changes

A number of research firms recently weighed in on ORIC. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, May 6th. Oppenheimer cut 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 restated a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised their price objective on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Finally, Wedbush reissued an "outperform" rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Thursday, May 29th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $19.17.

ORIC Pharmaceuticals Price Performance

The firm has a market capitalization of $662.54 million, a PE ratio of -5.12 and a beta of 1.49. The company has a fifty day moving average of $5.60 and a 200-day moving average of $7.70.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.09. Equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Institutional Trading of ORIC Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS bought a new position in shares of ORIC Pharmaceuticals during the 4th quarter valued at $50,000. Arizona State Retirement System bought a new stake in shares of ORIC Pharmaceuticals during the 1st quarter worth about $56,000. BNP Paribas Financial Markets acquired a new position in shares of ORIC Pharmaceuticals during the 4th quarter valued at about $71,000. Hsbc Holdings PLC bought a new position in shares of ORIC Pharmaceuticals in the 1st quarter valued at approximately $102,000. Finally, PNC Financial Services Group Inc. lifted its holdings in ORIC Pharmaceuticals by 22.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock worth $109,000 after purchasing an additional 2,520 shares during the last quarter. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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.