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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $7.96, but opened at $8.71. ORIC Pharmaceuticals shares last traded at $8.24, with a volume of 110,009 shares traded.

Analyst Ratings Changes

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

ORIC Pharmaceuticals Trading Up 8.0 %

The company's fifty day simple moving average is $9.01 and its 200 day simple moving average is $9.42. The stock has a market capitalization of $606.88 million, a P/E ratio of -4.78 and a beta of 1.18.

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

Insider Activity

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

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of ORIC Pharmaceuticals by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company's stock valued at $361,000 after acquiring an additional 1,279 shares during the period. Franklin Resources Inc. boosted its stake in shares of ORIC Pharmaceuticals by 26.1% during the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company's stock valued at $9,067,000 after purchasing an additional 196,804 shares in the last quarter. Barclays PLC boosted its stake in shares of ORIC Pharmaceuticals by 111.2% during 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. Geode Capital Management LLC boosted its stake in shares of ORIC Pharmaceuticals by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company's stock valued at $13,056,000 after purchasing an additional 50,821 shares in the last quarter. Finally, M&T Bank Corp boosted its stake in shares of ORIC Pharmaceuticals by 19.2% during the 3rd quarter. M&T Bank Corp now owns 85,137 shares of the company's stock valued at $873,000 after purchasing an additional 13,711 shares in the last quarter. Hedge funds and other 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.