ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Up 8.4% - Here's What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) rose 8.4% on Tuesday . The stock traded as high as $9.18 and last traded at $9.16. Approximately 776,238 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 517,187 shares. The stock had previously closed at $8.45.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus started coverage on ORIC Pharmaceuticals in a report on Friday, September 6th. They set a "buy" rating and a $20.00 price objective for the company. HC Wainwright reissued a "buy" rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Wednesday, September 18th. Oppenheimer reduced their price target on shares of ORIC Pharmaceuticals from $17.00 to $15.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Finally, Wedbush restated an "outperform" rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Tuesday, September 10th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.00.

ORIC Pharmaceuticals Stock Up 6.5 %

The stock's 50 day moving average is $9.76 and its two-hundred day moving average is $9.26. The company has a market capitalization of $634.88 million, a PE ratio of -5.14 and a beta of 1.12.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.03). On average, sell-side analysts predict that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current fiscal year.

Institutional Trading of ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of ORIC. China Universal Asset Management Co. Ltd. lifted its stake in shares of ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company's stock worth $139,000 after purchasing an additional 5,646 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in ORIC Pharmaceuticals by 34.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 137,962 shares of the company's stock worth $1,414,000 after purchasing an additional 35,528 shares in the last quarter. Creative Planning bought a new position in ORIC Pharmaceuticals in the third quarter worth about $116,000. SG Americas Securities LLC purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter valued at about $714,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of ORIC Pharmaceuticals by 7.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,350 shares of the company's stock valued at $929,000 after buying an additional 9,424 shares in the last quarter. Institutional investors 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.