ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 14.7% - Here's What Happened

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) were up 14.7% during mid-day trading on Monday . The stock traded as high as $12.31 and last traded at $14.05. Approximately 232,817 shares changed hands during trading, a decline of 72% from the average daily volume of 845,912 shares. The stock had previously closed at $12.25.

Wall Street Analysts Forecast Growth

ORIC has been the subject of a number of analyst reports. 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. HC Wainwright reiterated a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Tuesday. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Finally, Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an "overweight" rating and a $20.00 target price for the company. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, ORIC Pharmaceuticals has a consensus rating of "Buy" and an average target price of $18.71.

ORIC Pharmaceuticals Stock Performance

The company has a market capitalization of $583.61 million, a P/E ratio of -4.59 and a beta of 1.21. The firm's fifty day moving average is $9.43 and its 200-day moving average is $9.60.

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). As a group, analysts expect that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, CFO Dominic Piscitelli sold 8,851 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 $73,286.28. Following the completion of the sale, the chief financial officer now owns 106,764 shares in the company, valued at approximately $884,005.92. The trade was a 7.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the company'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 $204,184.80. Following the completion of the sale, the chief executive officer now owns 778,648 shares of the company's stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their position. 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 corporate insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ORIC. Alkeon Capital Management LLC lifted its holdings in shares of ORIC Pharmaceuticals by 2.6% in the third 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. Vanguard Group Inc. lifted its stake in ORIC Pharmaceuticals by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 3,203,789 shares of the company's stock worth $25,855,000 after acquiring an additional 36,478 shares during the period. ArrowMark Colorado Holdings LLC lifted its stake in ORIC Pharmaceuticals by 6.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company's stock worth $13,884,000 after acquiring an additional 80,986 shares during the period. Geode Capital Management LLC lifted its position in ORIC Pharmaceuticals by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,278,713 shares of the company's stock valued at $10,321,000 after buying an additional 5,200 shares during the period. Finally, Franklin Resources Inc. lifted its position in ORIC Pharmaceuticals by 26.1% during the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company's stock valued at $9,067,000 after buying an additional 196,804 shares during the period. Institutional investors own 95.05% of the company's stock.

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.