ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) Receives $18.29 Average Target Price from Brokerages

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) have earned a consensus recommendation of “Buy” from the nine brokerages that are presently covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $18.71.

A number of brokerages have weighed in on ORIC. Guggenheim reaffirmed a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. JPMorgan Chase & Co. increased their price objective on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price on the stock. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th.

Insider Buying and Selling

In other news, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Dominic Piscitelli sold 8,851 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,286.28. Following the sale, the chief financial officer now directly owns 106,764 shares in the company, valued at approximately $884,005.92. The trade was a 7.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 in the last three months. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock worth $4,205,000 after buying an additional 247,863 shares during the period. Barclays PLC lifted its holdings in shares of ORIC Pharmaceuticals by 111.2% during the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock worth $1,100,000 after acquiring an additional 56,474 shares during the period. Franklin Resources Inc. boosted its position in shares of ORIC Pharmaceuticals by 26.1% in the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock worth $9,067,000 after acquiring an additional 196,804 shares during the last quarter. Creative Planning purchased a new stake in ORIC Pharmaceuticals in the third quarter valued at approximately $116,000. Finally, SG Americas Securities LLC acquired a new position in ORIC Pharmaceuticals during the third quarter worth approximately $714,000. Institutional investors and hedge funds own 95.05% of the company’s stock.

ORIC Pharmaceuticals Price Performance

NASDAQ:ORIC opened at $11.23 on Thursday. The firm has a market cap of $792.50 million, a price-to-earnings ratio of -6.24 and a beta of 1.21. The firm’s fifty day moving average price is $9.41 and its 200 day moving average price is $9.62. ORIC Pharmaceuticals has a 1-year low of $6.33 and a 1-year high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, analysts expect that ORIC Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

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.