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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $9.16, but opened at $9.48. ORIC Pharmaceuticals shares last traded at $9.47, with a volume of 281,876 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Oppenheimer lowered their price target on ORIC Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Guggenheim reaffirmed a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Thursday, May 29th. HC Wainwright reissued a "buy" rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, May 5th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $19.17.

ORIC Pharmaceuticals Trading Up 5.8%

The business has a fifty day moving average price of $5.76 and a 200-day moving average price of $7.69. The stock has a market capitalization of $700.93 million, a PE ratio of -5.42 and a beta of 1.49.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. KLP Kapitalforvaltning AS bought a new position in ORIC Pharmaceuticals during the 4th quarter valued at approximately $50,000. BNP Paribas Financial Markets purchased a new position in shares of ORIC Pharmaceuticals during the 4th quarter worth approximately $71,000. Arizona State Retirement System purchased a new position in shares of ORIC Pharmaceuticals during the 1st quarter worth approximately $56,000. PNC Financial Services Group Inc. grew its holdings 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 worth $109,000 after acquiring an additional 2,520 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in shares of ORIC Pharmaceuticals during the 4th quarter worth approximately $118,000. Institutional investors 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.