ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up Following Earnings Beat

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $7.85, but opened at $8.57. ORIC Pharmaceuticals shares last traded at $7.99, with a volume of 78,926 shares trading hands.

The company reported ($0.51) EPS for the quarter, topping analysts' consensus estimates of ($0.52) by $0.01.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Monday, February 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. JPMorgan Chase & Co. lifted their price target on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, February 6th. Finally, HC Wainwright reiterated a "buy" rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Friday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $18.71.

Insider Activity at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 24,660 shares of the business's 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 sale, the chief executive officer now owns 778,648 shares in the company, valued at $6,447,205.44. The trade was 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 on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares in the company, valued at approximately $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 owned by corporate insiders.

Institutional Trading of ORIC Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in ORIC Pharmaceuticals by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company's stock worth $361,000 after purchasing an additional 1,279 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company's stock worth $121,000 after purchasing an additional 1,395 shares in the last quarter. Invesco Ltd. lifted its stake in ORIC Pharmaceuticals by 8.5% in the 4th quarter. Invesco Ltd. now owns 23,958 shares of the company's stock worth $193,000 after purchasing an additional 1,876 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in ORIC Pharmaceuticals by 22.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock worth $109,000 after purchasing an additional 2,520 shares in the last quarter. Finally, Swiss National Bank lifted its stake in ORIC Pharmaceuticals by 5.4% in the 4th quarter. Swiss National Bank now owns 62,400 shares of the company's stock worth $504,000 after purchasing an additional 3,200 shares in the last quarter. Hedge funds and other institutional investors own 95.05% of the company's stock.

ORIC Pharmaceuticals Trading Up 2.8 %

The firm's 50 day simple moving average is $9.27 and its 200 day simple moving average is $9.49. The firm has a market cap of $545.51 million, a PE ratio of -4.22 and a beta of 1.21.

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.