ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up - What's Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $11.23, but opened at $11.72. ORIC Pharmaceuticals shares last traded at $8.77, with a volume of 538,896 shares changing hands.

Analyst Upgrades and Downgrades

ORIC has been the topic of a number of recent research reports. HC Wainwright restated a "buy" rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Tuesday. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a report on Tuesday, January 14th. Guggenheim restated a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Monday. Wells Fargo & Company initiated coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an "overweight" rating and a $20.00 price objective on the stock. Finally, Wedbush reaffirmed an "outperform" rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Nine investment 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 $18.71.

ORIC Pharmaceuticals Stock Performance

The company has a market cap of $584.81 million, a price-to-earnings ratio of -4.54 and a beta of 1.21. The company's 50 day moving average price is $9.43 and its 200 day moving average price is $9.60.

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

Insider Activity at ORIC Pharmaceuticals

In other news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals 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 $73,286.28. Following the sale, the chief financial officer now owns 106,764 shares of the company's stock, valued at approximately $884,005.92. This trade represents a 7.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $204,184.80. Following the completion of the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock worth $350,749 in the last 90 days. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in ORIC. KLP Kapitalforvaltning AS acquired a new stake in shares of ORIC Pharmaceuticals during the fourth quarter worth approximately $50,000. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals in the third quarter valued at approximately $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ORIC Pharmaceuticals during the 3rd quarter worth $132,000. PNC Financial Services Group Inc. boosted its position 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 valued at $109,000 after buying an additional 2,520 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company's stock valued at $139,000 after buying an additional 5,646 shares during the period. Institutional investors and hedge funds 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.