Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up - Still a Buy?

Key Points

• Oric Pharmaceuticals shares opened higher, rising from a prior close of $13.50 to $13.94 before trading at approximately $13.40. The company has a $1.36 billion market capitalization, with its 50-day and 200-day moving averages at $12.64 and $10.84, respectively.
• Analyst sentiment is broadly positive: 13 analysts rate the stock Buy, compared with one Hold and one Sell. The consensus rating is Moderate Buy, with an average price target of $20.18, while recent targets range from $26 to $27.
• Oric remains a clinical-stage cancer biopharmaceutical company and reported a quarterly loss of $0.38 per share, missing estimates by $0.02; analysts expect a full-year loss of $1.53 per share. Its CFO sold 77,000 shares under a pre-arranged trading plan, while institutional investors own 95.05% of the stock.

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $13.50, but opened at $13.94. Oric Pharmaceuticals shares last traded at $13.3950, with a volume of 89,718 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Oric Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. HC Wainwright lifted their price objective on Oric Pharmaceuticals from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, August 10th. BTIG Research started coverage on Oric Pharmaceuticals in a research report on Wednesday. They set a "buy" rating and a $26.00 price objective for the company. Stifel Nicolaus began coverage on shares of Oric Pharmaceuticals in a report on Friday, June 12th. They set a "buy" rating and a $14.00 price target for the company. Finally, Benchmark reissued a "buy" rating on shares of Oric Pharmaceuticals in a research report on Monday, June 8th. Thirteen 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.18.

Oric Pharmaceuticals Stock Performance

The company has a 50-day moving average price of $12.64 and a 200-day moving average price of $10.84. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -9.76 and a beta of 1.00.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.02). On average, research analysts expect that Oric Pharmaceuticals, Inc. will post -1.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 77,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the sale, the chief financial officer owned 69,828 shares of the company's stock, valued at approximately $955,945.32. This trade represents a 52.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of ORIC. Integrated Wealth Concepts LLC purchased a new stake in Oric Pharmaceuticals in the second quarter valued at approximately $38,000. Quantbot Technologies LP purchased a new position in shares of Oric Pharmaceuticals during the second quarter worth approximately $46,000. AXQ Capital LP purchased a new position in shares of Oric Pharmaceuticals during the fourth quarter worth approximately $85,000. Canada Pension Plan Investment Board acquired a new position in shares of Oric Pharmaceuticals in the 2nd quarter valued at $128,000. Finally, E Fund Management Co. Ltd. purchased a new stake in Oric Pharmaceuticals in the 2nd quarter valued at $139,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. The company seeks to address treatment resistance by targeting biological mechanisms that allow tumors to survive or evade existing therapies, with an emphasis on restoring or enhancing the effectiveness of anti-cancer treatment.

Oric's research and development portfolio has included small-molecule drug candidates aimed at targets such as CD73 and the polycomb repressive complex 2 (PRC2).

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