ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up - Here's What Happened

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $9.42, but opened at $10.37. ORIC Pharmaceuticals shares last traded at $9.94, with a volume of 79,088 shares traded.

Analyst Ratings Changes

ORIC has been the subject of a number of research reports. Stifel Nicolaus initiated coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They issued a "buy" rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Wednesday, September 18th. Oppenheimer dropped their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an "outperform" rating for the company in a report on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Finally, Wedbush reaffirmed an "outperform" rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Tuesday, September 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals has an average rating of "Buy" and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

The business has a 50 day moving average of $9.73 and a 200 day moving average of $9.26. The firm has a market capitalization of $661.68 million, a price-to-earnings ratio of -5.38 and a beta of 1.12.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.03). As a group, equities analysts predict that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in 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 worth $21,543,000 after acquiring an additional 915,175 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ORIC Pharmaceuticals by 62.0% during the second quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company's stock worth $1,318,000 after acquiring an additional 71,394 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in ORIC Pharmaceuticals during the second quarter worth about $724,000. Monaco Asset Management SAM lifted its holdings in ORIC Pharmaceuticals by 132.0% during the second quarter. Monaco Asset Management SAM now owns 301,650 shares of the company's stock worth $2,133,000 after acquiring an additional 171,650 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in ORIC Pharmaceuticals during the third quarter worth about $714,000. 95.05% of the stock is currently owned by 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.