Oric Pharmaceuticals (NASDAQ:ORIC) Trading 10% Higher - Time to Buy?

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

Analyst Upgrades and Downgrades

ORIC has been the topic of several analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price objective on shares of Oric Pharmaceuticals in a research note on Monday, May 5th. Oppenheimer cut 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, Cantor Fitzgerald restated an "overweight" rating on shares of Oric Pharmaceuticals in a research report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $19.17.

Oric Pharmaceuticals Stock Up 5.0%

The firm has a market capitalization of $907.59 million, a price-to-earnings ratio of -5.70 and a beta of 1.54. The stock's fifty day moving average is $7.36 and its two-hundred day moving average is $7.73.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its quarterly earnings data 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, analysts anticipate that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Insider Activity

In other news, Director Angie You bought 26,597 shares of the company's stock in a transaction dated Friday, June 20th. The stock was bought at an average cost of $9.39 per share, for a total transaction of $249,745.83. Following the transaction, the director owned 26,597 shares of the company's stock, valued at $249,745.83. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Dominic Piscitelli sold 32,466 shares of Oric Pharmaceuticals stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $10.50, for a total transaction of $340,893.00. Following the completion of the transaction, the chief financial officer directly owned 68,317 shares in the company, valued at $717,328.50. This trade represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock valued at $416,289 in the last quarter. Corporate insiders own 5.55% of the company's stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Alkeon Capital Management LLC raised its stake in Oric Pharmaceuticals by 2.6% during the first quarter. Alkeon Capital Management LLC now owns 4,004,096 shares of the company's stock worth $22,343,000 after acquiring an additional 100,000 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Oric Pharmaceuticals by 0.4% in the first quarter. Vanguard Group Inc. now owns 3,215,887 shares of the company's stock valued at $17,945,000 after buying an additional 12,098 shares during the period. Vivo Capital LLC increased its stake in shares of Oric Pharmaceuticals by 62.8% in the first quarter. Vivo Capital LLC now owns 2,080,450 shares of the company's stock valued at $11,609,000 after buying an additional 802,632 shares during the period. Boxer Capital Management LLC acquired a new position in Oric Pharmaceuticals in the 4th quarter valued at approximately $13,982,000. Finally, NEA Management Company LLC increased its holdings in Oric Pharmaceuticals by 4.4% in the fourth quarter. NEA Management Company LLC now owns 1,566,081 shares of the company's stock valued at $12,638,000 after purchasing an additional 66,081 shares during the period. Institutional investors and hedge funds own 95.05% of the company's stock.

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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