ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – Time to Buy?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $11.23, but opened at $11.72. ORIC Pharmaceuticals shares last traded at $8.77, with a volume of 538,896 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ORIC shares. JPMorgan Chase & Co. boosted their price objective on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a report on Tuesday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $18.71.

ORIC Pharmaceuticals Stock Down 4.1 %

The company’s fifty day moving average price is $9.43 and its 200 day moving average price is $9.60.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, sell-side analysts expect that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current year.

Insider Activity

In related news, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction dated 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 transaction, the insider now owns 46,765 shares in the company, valued at approximately $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,286.28. Following the completion of the sale, the chief financial officer now directly owns 106,764 shares in the company, valued at approximately $884,005.92. This represents a 7.66 % 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 over the last three months. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several large investors have recently modified their holdings of ORIC. Charles Schwab Investment Management Inc. lifted its stake in shares of ORIC Pharmaceuticals by 152.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares in the last quarter. Franklin Resources Inc. raised its holdings in ORIC Pharmaceuticals by 26.1% during the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after acquiring an additional 196,804 shares during the period. Sphera Funds Management LTD. purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $1,316,000. Alkeon Capital Management LLC boosted its holdings in shares of ORIC Pharmaceuticals by 2.6% in the third quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock worth $40,017,000 after acquiring an additional 100,000 shares during the period. Finally, ArrowMark Colorado Holdings LLC grew its position in shares of ORIC Pharmaceuticals by 6.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company’s stock valued at $13,884,000 after purchasing an additional 80,986 shares in the last quarter. Hedge funds and other institutional investors 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.