Oric Pharmaceuticals (NASDAQ:ORIC) Sets New 12-Month High - Still a Buy?

Key Points

• Oric Pharmaceuticals reached a new 52-week high on Tuesday, trading at $15.08 before closing at $14.18, with analysts giving it a consensus Moderate Buy rating and an average target price of $17.29.
• Despite the positive outlook from various brokers, the company reported a missed earnings estimate for the previous quarter, posting an EPS of ($0.47) against expectations of ($0.46).
• Recent insider trading activity included CEO Jacob Chacko selling 125,000 shares at $10.80 each, representing a 16% decrease in his holdings.

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $15.08 and last traded at $14.18, with a volume of 45436 shares. The stock had previously closed at $14.41.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ORIC. LADENBURG THALM/SH SH initiated coverage on Oric Pharmaceuticals in a report on Tuesday, July 8th. They set a "buy" rating and a $15.00 price target for the company. Guggenheim initiated coverage on shares of Oric Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $18.00 price objective for the company. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Monday, June 23rd. JPMorgan Chase & Co. cut their price target on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Oric Pharmaceuticals in a report on Saturday, September 27th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Oric Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $17.29.

Oric Pharmaceuticals Stock Down 0.0%

The company has a market cap of $1.40 billion, a PE ratio of -7.76 and a beta of 1.68. The company's fifty day moving average is $10.46 and its 200-day moving average is $8.58.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.01). Equities research analysts expect that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Insider Activity at Oric Pharmaceuticals

In other news, CEO Jacob Chacko sold 125,000 shares of Oric Pharmaceuticals stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $10.80, for a total transaction of $1,350,000.00. Following the transaction, the chief executive officer directly owned 656,419 shares of the company's stock, valued at $7,089,325.20. The trade was a 16.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 212,539 shares of company stock valued at $2,403,463 over the last 90 days. 5.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC bought a new stake in shares of Oric Pharmaceuticals during the 2nd quarter valued at $1,084,000. Tower Research Capital LLC TRC raised its holdings in Oric Pharmaceuticals by 1,293.0% during the second quarter. Tower Research Capital LLC TRC now owns 11,757 shares of the company's stock valued at $119,000 after acquiring an additional 10,913 shares during the period. Eventide Asset Management LLC purchased a new position in shares of Oric Pharmaceuticals in the second quarter valued at about $9,657,000. BNP Paribas Financial Markets lifted its position in shares of Oric Pharmaceuticals by 1,102.4% in the second quarter. BNP Paribas Financial Markets now owns 86,755 shares of the company's stock valued at $881,000 after acquiring an additional 79,540 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in shares of Oric Pharmaceuticals in the second quarter worth about $352,000. 95.05% of the stock is currently owned by institutional investors.

Oric Pharmaceuticals Company Profile

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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