Oric Pharmaceuticals (NASDAQ:ORIC) Trading 10% Higher - What's Next?

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) rose 10% during trading on Wednesday . The company traded as high as $11.12 and last traded at $11.16. Approximately 363,326 shares changed hands during trading, a decline of 54% from the average daily volume of 789,991 shares. The stock had previously closed at $10.14.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ORIC. 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. Oppenheimer reduced their price objective 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. Cantor Fitzgerald restated an "overweight" rating on shares of Oric Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Wedbush restated an "outperform" rating and set a $20.00 target price on shares of Oric Pharmaceuticals in a research report on Monday, June 23rd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Oric Pharmaceuticals presently has an average rating of "Buy" and an average target price of $19.17.

Oric Pharmaceuticals Stock Performance

The firm's 50 day simple moving average is $7.70 and its 200 day simple moving average is $7.78. The firm has a market capitalization of $917.82 million, a price-to-earnings ratio of -5.76 and a beta of 1.54.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.09. As a group, sell-side analysts forecast that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

Insider Activity

In related news, Director Angie You bought 26,597 shares of the firm's stock in a transaction on Friday, June 20th. The shares were bought at an average price of $9.39 per share, with a total value of $249,745.83. Following the completion of the transaction, the director directly owned 26,597 shares of the company's stock, valued at $249,745.83. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dominic Piscitelli sold 32,466 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.50, for a total transaction of $340,893.00. Following the sale, the chief financial officer owned 68,317 shares in the company, valued at $717,328.50. The trade was a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,000 shares of company stock worth $416,289. Corporate insiders own 6.82% of the company's stock.

Institutional Trading of Oric Pharmaceuticals

Several hedge funds have recently made changes to their positions in ORIC. KLP Kapitalforvaltning AS purchased a new position in Oric Pharmaceuticals during the 4th quarter valued at about $50,000. BNP Paribas Financial Markets acquired a new stake in shares of Oric Pharmaceuticals during the 4th quarter worth about $71,000. Arizona State Retirement System acquired a new stake in shares of Oric Pharmaceuticals in the first quarter worth approximately $56,000. PNC Financial Services Group Inc. lifted its position in Oric Pharmaceuticals by 22.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock valued at $109,000 after buying an additional 2,520 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of Oric Pharmaceuticals during the fourth quarter worth $118,000. 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.