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

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) had its price objective hoisted by investment analysts at JPMorgan Chase & Co. from $19.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 87.00% from the company's current price.

A number of other brokerages have also weighed in on ORIC. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They issued an "overweight" rating and a $20.00 price objective on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Finally, Wedbush reissued an "outperform" rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $18.71.

ORIC Pharmaceuticals Stock Down 8.3 %

Shares of ORIC Pharmaceuticals stock traded down $1.02 during midday trading on Thursday, hitting $11.23. The company had a trading volume of 5,731,331 shares, compared to its average volume of 1,061,202. The stock has a market cap of $792.50 million, a price-to-earnings ratio of -6.24 and a beta of 1.21. ORIC Pharmaceuticals has a 12-month low of $6.33 and a 12-month high of $16.65. The company has a fifty day simple moving average of $9.41 and a 200 day simple moving average of $9.62.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings results 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, analysts expect that ORIC Pharmaceuticals will post -1.84 EPS for the current year.

Insider Activity at ORIC Pharmaceuticals

In related news, CEO Jacob Chacko sold 24,660 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the sale, the chief executive officer now owns 778,648 shares of the company's stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of the company's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the transaction, the insider now owns 46,765 shares of the company's stock, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company's stock worth $4,205,000 after purchasing an additional 247,863 shares in the last quarter. Barclays PLC lifted its holdings in ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company's stock valued at $1,100,000 after purchasing an additional 56,474 shares in the last quarter. Franklin Resources Inc. boosted its stake in ORIC Pharmaceuticals by 26.1% during the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company's stock worth $9,067,000 after purchasing an additional 196,804 shares during the last quarter. Creative Planning purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $116,000. Finally, SG Americas Securities LLC acquired a new stake in shares of ORIC Pharmaceuticals in the third quarter valued at about $714,000. Institutional investors and hedge funds 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.