Wedbush Reiterates Outperform Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

Wedbush restated their outperform rating on shares of ORIC Pharmaceuticals (NASDAQ:ORIC - Free Report) in a research report report published on Thursday morning,RTT News reports. Wedbush currently has a $20.00 target price on the stock.

ORIC has been the topic of several other research reports. Guggenheim reaffirmed a "buy" rating on shares of ORIC Pharmaceuticals in a report on Wednesday, February 26th. JPMorgan Chase & Co. upped their price target on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Tuesday, May 6th. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, May 5th. Finally, Oppenheimer reduced their target price on ORIC Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $19.17.

ORIC Pharmaceuticals Trading Up 3.6%

Shares of NASDAQ:ORIC traded up $0.29 during mid-day trading on Thursday, reaching $8.26. The company had a trading volume of 3,617,326 shares, compared to its average volume of 736,069. The firm has a market cap of $587.19 million, a price-to-earnings ratio of -4.54 and a beta of 1.37. The company's 50-day moving average price is $5.38 and its 200-day moving average price is $7.70. ORIC Pharmaceuticals has a one year low of $3.90 and a one year high of $14.67.

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

Institutional Trading of ORIC Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Alkeon Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 100,000 shares during the period. Vanguard Group Inc. boosted its holdings in shares of ORIC Pharmaceuticals by 0.4% during the first quarter. Vanguard Group Inc. now owns 3,215,887 shares of the company's stock worth $17,945,000 after purchasing an additional 12,098 shares during the period. Vivo Capital LLC boosted its holdings in shares of ORIC Pharmaceuticals by 62.8% during the first quarter. Vivo Capital LLC now owns 2,080,450 shares of the company's stock worth $11,609,000 after purchasing an additional 802,632 shares during the period. Boxer Capital Management LLC purchased a new stake in shares of ORIC Pharmaceuticals during the fourth quarter worth about $13,982,000. Finally, NEA Management Company LLC boosted its holdings in shares of ORIC Pharmaceuticals by 4.4% during the fourth quarter. NEA Management Company LLC now owns 1,566,081 shares of the company's stock worth $12,638,000 after purchasing an additional 66,081 shares during the period. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

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.