Oric Pharmaceuticals (NASDAQ:ORIC) Trading Up 9.8% - Here's What Happened

Key Points

• Oric Pharmaceuticals' stock price increased by 9.8%, trading at $12.70 after previously closing at $11.57.
• The company reported an earnings per share of ($0.47), missing analyst expectations, while analysts predict an average target price of $17.29 for the stock.
• Insider activity revealed that CEO Jacob Chacko sold 53,001 shares valued at around $638,662, decreasing his ownership in the company.

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s share price traded up 9.8% during trading on Monday . The company traded as high as $12.66 and last traded at $12.70. 420,139 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,119,739 shares. The stock had previously closed at $11.57.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ORIC shares. Zacks Research upgraded Oric Pharmaceuticals to a "hold" rating in a research report on Tuesday, August 12th. Wedbush reissued an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Monday, June 23rd. HC Wainwright dropped their price target on shares of Oric Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, August 14th. LADENBURG THALM/SH SH started coverage on shares of Oric Pharmaceuticals in a report on Tuesday, July 8th. They set a "buy" rating and a $15.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Oric Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $17.29.

Oric Pharmaceuticals Stock Up 24.7%

The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.62 and a beta of 1.68. The company's 50 day moving average price is $10.39 and its 200 day moving average price is $8.53.

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

Insider Activity at Oric Pharmaceuticals

In other news, CEO Jacob Chacko sold 53,001 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $12.05, for a total transaction of $638,662.05. Following the completion of the transaction, the chief executive officer directly owned 568,880 shares of the company's stock, valued at $6,855,004. This represents a 8.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 212,539 shares of company stock valued at $2,403,463 in the last three months. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in ORIC. Bank of America Corp DE lifted its holdings in Oric Pharmaceuticals by 34.0% during the fourth quarter. Bank of America Corp DE now owns 112,520 shares of the company's stock valued at $908,000 after purchasing an additional 28,570 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Oric Pharmaceuticals by 54.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company's stock worth $287,000 after purchasing an additional 12,545 shares during the last quarter. Arizona State Retirement System purchased a new position in Oric Pharmaceuticals in the 1st quarter valued at about $56,000. New York State Common Retirement Fund boosted its holdings in Oric Pharmaceuticals by 137.1% in the 1st quarter. New York State Common Retirement Fund now owns 38,486 shares of the company's stock worth $215,000 after buying an additional 22,257 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Oric Pharmaceuticals by 54.1% in the 1st quarter. Victory Capital Management Inc. now owns 150,260 shares of the company's stock worth $838,000 after buying an additional 52,760 shares during the last quarter. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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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