Wedbush Forecasts Weaker Earnings for ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Free Report) - Stock analysts at Wedbush dropped their FY2024 earnings per share estimates for ORIC Pharmaceuticals in a research report issued to clients and investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the company will post earnings per share of ($1.82) for the year, down from their prior forecast of ($1.73). Wedbush has a "Outperform" rating and a $20.00 price target on the stock. The consensus estimate for ORIC Pharmaceuticals' current full-year earnings is ($1.80) per share. Wedbush also issued estimates for ORIC Pharmaceuticals' Q4 2024 earnings at ($0.50) EPS, FY2025 earnings at ($2.18) EPS, FY2026 earnings at ($2.08) EPS and FY2027 earnings at ($2.24) EPS.

Several other equities analysts have also issued reports on ORIC. Stifel Nicolaus initiated coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a "buy" rating and a $20.00 target price for the company. Cantor Fitzgerald restated an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. HC Wainwright restated a "buy" rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Oppenheimer decreased their target price on ORIC Pharmaceuticals from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an "overweight" rating and a $20.00 target price for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.29.

ORIC Pharmaceuticals Stock Down 3.7 %

ORIC stock traded down $0.33 during midday trading on Friday, reaching $8.50. The stock had a trading volume of 640,749 shares, compared to its average volume of 518,760. The business has a fifty day simple moving average of $9.69 and a two-hundred day simple moving average of $9.33. The firm has a market cap of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.13. ORIC Pharmaceuticals has a twelve month low of $6.33 and a twelve month high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.01).

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. NEA Management Company LLC purchased a new position in shares of ORIC Pharmaceuticals during the first quarter valued at approximately $20,625,000. Price T Rowe Associates Inc. MD boosted its position in shares of ORIC Pharmaceuticals by 140.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company's stock valued at $21,543,000 after buying an additional 915,175 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of ORIC Pharmaceuticals by 27.9% during the first quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company's stock valued at $39,628,000 after buying an additional 629,536 shares during the last quarter. Millennium Management LLC boosted its position in shares of ORIC Pharmaceuticals by 297.4% during the second quarter. Millennium Management LLC now owns 782,299 shares of the company's stock valued at $5,531,000 after buying an additional 585,447 shares during the last quarter. Finally, First Turn Management LLC boosted its position in shares of ORIC Pharmaceuticals by 38.1% during the second quarter. First Turn Management LLC now owns 1,515,960 shares of the company's stock valued at $10,718,000 after buying an additional 418,389 shares during the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

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.