ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up - Here's What Happened

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $5.97, but opened at $7.29. ORIC Pharmaceuticals shares last traded at $8.18, with a volume of 1,837,724 shares.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target 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. Cantor Fitzgerald reissued an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, May 6th. Wedbush restated an "outperform" rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Thursday. Oppenheimer lowered their target price on shares of ORIC Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Finally, Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $19.17.

ORIC Pharmaceuticals Stock Performance

The business's 50 day moving average is $5.38 and its 200 day moving average is $7.69. The company has a market capitalization of $587.19 million, a price-to-earnings ratio of -4.54 and a beta of 1.37.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.42) EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.09. Sell-side analysts predict that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of institutional investors have recently bought and sold shares of ORIC. China Universal Asset Management Co. Ltd. raised its position in ORIC Pharmaceuticals by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company's stock worth $121,000 after buying an additional 1,395 shares during the last quarter. Rhumbline Advisers raised its position in ORIC Pharmaceuticals by 4.6% during the 4th quarter. Rhumbline Advisers now owns 93,319 shares of the company's stock worth $753,000 after buying an additional 4,072 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in ORIC Pharmaceuticals by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 417,955 shares of the company's stock worth $3,373,000 after buying an additional 7,726 shares during the last quarter. M&T Bank Corp raised its position in ORIC Pharmaceuticals by 16.6% during the 4th quarter. M&T Bank Corp now owns 99,234 shares of the company's stock worth $801,000 after buying an additional 14,097 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in ORIC Pharmaceuticals by 22.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock worth $109,000 after buying an additional 2,520 shares during the last quarter. 95.05% of the stock is owned by hedge funds and other 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.