ORIC Pharmaceuticals (NASDAQ:ORIC) Trading 13.9% Higher on Analyst Upgrade

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shot up 13.9% during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $22.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ORIC Pharmaceuticals traded as high as $9.53 and last traded at $9.20. 420,908 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,202,366 shares. The stock had previously closed at $8.08.

ORIC has been the subject of several other research reports. Guggenheim reaffirmed a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Wednesday. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Friday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $18.86.

Insider Activity at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now directly owns 46,765 shares of the company’s stock, valued at $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. 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. 5.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS acquired a new position in shares of ORIC Pharmaceuticals during the fourth quarter valued at $50,000. BNP Paribas Financial Markets acquired a new position in shares of ORIC Pharmaceuticals during the fourth quarter worth approximately $71,000. PNC Financial Services Group Inc. increased its position in ORIC Pharmaceuticals by 22.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after acquiring an additional 2,520 shares during the period. Creative Planning acquired a new position in ORIC Pharmaceuticals during the 3rd quarter worth $116,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of ORIC Pharmaceuticals by 1,048.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,661 shares of the company’s stock valued at $118,000 after purchasing an additional 13,384 shares during the period. 95.05% of the stock is currently owned by institutional investors.

ORIC Pharmaceuticals Price Performance

The firm has a market cap of $599.82 million, a price-to-earnings ratio of -4.64 and a beta of 1.20. The firm’s fifty day moving average is $9.25 and its two-hundred day moving average is $9.49.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. On average, equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

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.