ORIC Pharmaceuticals (NASDAQ:ORIC) Sees Strong Trading Volume - Here's Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 1,251,952 shares traded hands during trading, an increase of 78% from the previous session's volume of 704,967 shares.The stock last traded at $9.17 and had previously closed at $8.32.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an "overweight" rating and a $20.00 target price on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. HC Wainwright reiterated a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, November 4th. Finally, Wedbush restated an "outperform" rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Tuesday, November 12th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of "Buy" and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Performance

The company has a market capitalization of $650.63 million, a P/E ratio of -5.12 and a beta of 1.18. The stock's fifty day moving average price is $9.08 and its 200-day moving average price is $9.39.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.01). On average, research analysts predict that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current fiscal year.

Insider Transactions at ORIC Pharmaceuticals

In related news, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $204,184.80. Following the sale, the chief executive officer now owns 778,648 shares of the company's stock, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the transaction, the insider now directly owns 46,765 shares of the company's stock, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of ORIC Pharmaceuticals by 62.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company's stock worth $1,318,000 after buying an additional 71,394 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ORIC Pharmaceuticals by 162.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company's stock worth $36,000 after acquiring an additional 3,188 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of ORIC Pharmaceuticals by 53.7% in the 2nd quarter. Rhumbline Advisers now owns 92,702 shares of the company's stock valued at $655,000 after purchasing an additional 32,402 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of ORIC Pharmaceuticals by 8.3% in the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company's stock valued at $678,000 after purchasing an additional 7,310 shares in the last quarter. Finally, Quest Partners LLC increased its position in ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company's stock worth $73,000 after purchasing an additional 7,440 shares in the last quarter. 95.05% of the stock is currently 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.