Wedbush Reaffirms Outperform Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Wedbush in a research note issued on Thursday,RTT News reports. They currently have a $20.00 price target on the stock. Wedbush's price target indicates a potential upside of 171.37% from the company's current price.

A number of other brokerages have also recently commented on ORIC. JPMorgan Chase & Co. boosted their price target on ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Cantor Fitzgerald reissued an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $18.86.

ORIC Pharmaceuticals Trading Up 4.8 %

ORIC traded up $0.34 during trading on Thursday, reaching $7.37. The stock had a trading volume of 450,678 shares, compared to its average volume of 593,997. The company has a market capitalization of $523.47 million, a price-to-earnings ratio of -4.05 and a beta of 1.25. The stock's 50 day moving average is $9.08 and its two-hundred day moving average is $9.23. ORIC Pharmaceuticals has a one year low of $6.33 and a one year high of $14.67.

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ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. On average, equities research analysts predict that ORIC Pharmaceuticals will post -2.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company's stock valued at $1,022,000 after purchasing an additional 3,900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ORIC Pharmaceuticals during the 3rd quarter valued at $132,000. Intech Investment Management LLC bought a new position in ORIC Pharmaceuticals in the 3rd quarter worth $200,000. Charles Schwab Investment Management Inc. boosted its holdings in ORIC Pharmaceuticals by 152.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company's stock worth $4,205,000 after buying an additional 247,863 shares during the period. Finally, Alkeon Capital Management LLC increased its stake in ORIC Pharmaceuticals by 2.6% in the 3rd quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company's stock worth $40,017,000 after buying an additional 100,000 shares in the last quarter. 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.