ORIC Pharmaceuticals (NASDAQ:ORIC) Sees Unusually-High Trading Volume - Time to Buy?

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) saw an uptick in trading volume on Monday . 722,488 shares traded hands during mid-day 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ORIC. JPMorgan Chase & Co. raised their price target on ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, May 5th. Oppenheimer cut their price target on ORIC Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Wedbush restated an "outperform" rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Thursday, May 29th. Finally, Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $19.17.

ORIC Pharmaceuticals Stock Up 0.9%

The business has a 50 day moving average price of $5.53 and a 200 day moving average price of $7.69. The stock has a market cap of $651.17 million, a PE ratio of -5.03 and a beta of 1.49.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released 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. On average, research analysts predict that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of hedge funds have recently made changes to their positions in ORIC. KLP Kapitalforvaltning AS acquired a new stake in shares of ORIC Pharmaceuticals in the fourth quarter valued at approximately $50,000. Arizona State Retirement System acquired a new position in ORIC Pharmaceuticals during the first quarter worth $56,000. BNP Paribas Financial Markets acquired a new position in ORIC Pharmaceuticals during the fourth quarter worth $71,000. Hsbc Holdings PLC acquired a new stake in shares of ORIC Pharmaceuticals in the first quarter valued at $102,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of ORIC Pharmaceuticals by 22.9% in the fourth 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 in the last quarter. 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.