JPMorgan Chase & Co. Forecasts Strong Price Appreciation for ORIC Pharmaceuticals (NASDAQ:ORIC) Stock

ORIC Pharmaceuticals (NASDAQ:ORIC) had its price target raised by investment analysts at JPMorgan Chase & Co. from $19.00 to $21.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 63.37% from the company’s previous close.

Several other brokerages also recently commented on ORIC. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Finally, Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $18.71.

ORIC Pharmaceuticals Price Performance

Shares of ORIC Pharmaceuticals stock traded up $0.46 during trading hours on Thursday, reaching $12.85. The company’s stock had a trading volume of 1,103,136 shares, compared to its average volume of 845,394. The firm has a 50 day moving average price of $9.31 and a 200-day moving average price of $9.61. ORIC Pharmaceuticals has a one year low of $6.33 and a one year high of $16.65. The stock has a market cap of $907.11 million, a P/E ratio of -7.13 and a beta of 1.20.

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

Insider Buying and Selling at ORIC Pharmaceuticals

In related news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at $6,447,205.44. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock valued at $350,749 in the last three months. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in ORIC Pharmaceuticals by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 417,955 shares of the company’s stock valued at $3,373,000 after purchasing an additional 7,726 shares in the last quarter. Rhumbline Advisers increased its stake in ORIC Pharmaceuticals by 4.6% during the 4th quarter. Rhumbline Advisers now owns 93,319 shares of the company’s stock valued at $753,000 after purchasing an additional 4,072 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in ORIC Pharmaceuticals by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company’s stock valued at $121,000 after purchasing an additional 1,395 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in ORIC Pharmaceuticals by 18.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 162,909 shares of the company’s stock valued at $1,315,000 after purchasing an additional 24,947 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after purchasing an additional 1,279 shares in the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.

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.