ORIC Pharmaceuticals (NASDAQ:ORIC) Trading 7.7% Higher – Time to Buy?

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shot up 7.7% on Wednesday . The stock traded as high as $11.11 and last traded at $11.05. Approximately 49,309 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 515,048 shares. The stock had previously closed at $10.26.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ORIC shares. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Oppenheimer dropped their target price on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, Stifel Nicolaus started coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

The business’s 50 day moving average is $9.71 and its two-hundred day moving average is $9.32.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). As a group, equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after buying an additional 3,188 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock worth $1,022,000 after acquiring an additional 3,900 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of ORIC Pharmaceuticals by 23.6% in the 2nd quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock worth $155,000 after acquiring an additional 4,175 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after purchasing an additional 5,646 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in shares of ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after purchasing an additional 7,440 shares during the last quarter. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

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.