ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $9.42, but opened at $10.37. ORIC Pharmaceuticals shares last traded at $9.94, with a volume of 79,088 shares.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday. They set an “overweight” rating and a $20.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Tuesday, September 10th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Wednesday, September 18th. Finally, Stifel Nicolaus began coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They issued a “buy” rating and a $20.00 price target for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

The company’s fifty day simple moving average is $9.73 and its 200-day simple moving average is $9.26. The firm has a market capitalization of $680.73 million, a PE ratio of -5.38 and a beta of 1.12.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its earnings results on Monday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.03). As a group, equities research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. grew its position in ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in shares of ORIC Pharmaceuticals by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 137,962 shares of the company’s stock worth $1,414,000 after buying an additional 35,528 shares during the period. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $116,000. SG Americas Securities LLC purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter valued at $714,000. Finally, The Manufacturers Life Insurance Company raised its stake in ORIC Pharmaceuticals by 7.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,350 shares of the company’s stock worth $929,000 after acquiring an additional 9,424 shares during the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.