ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 15.6% - Here's Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) rose 15.6% on Tuesday . The company traded as high as $11.07 and last traded at $11.73. Approximately 180,082 shares were traded during trading, a decline of 76% from the average daily volume of 766,222 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ORIC shares. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an "overweight" rating and a $20.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday. Wedbush reiterated an "outperform" rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. HC Wainwright reissued a "buy" rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $18.71.

ORIC Pharmaceuticals Price Performance

The stock has a market capitalization of $864.48 million, a P/E ratio of -6.81 and a beta of 1.20. The company has a fifty day moving average of $9.36 and a two-hundred day moving average of $9.63.

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

Insider Activity

In other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 24,660 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $204,184.80. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the firm's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now owns 46,765 shares in the company, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock worth $350,749 over the last quarter. Corporate insiders own 5.55% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake 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 last quarter. China Universal Asset Management Co. Ltd. raised its position 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 during the last quarter. PNC Financial Services Group Inc. grew its holdings in ORIC Pharmaceuticals by 22.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock worth $109,000 after acquiring an additional 2,520 shares during the period. Victory Capital Management Inc. grew its holdings in ORIC Pharmaceuticals by 4.1% during the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company's stock worth $1,022,000 after acquiring an additional 3,900 shares during the period. Finally, Rhumbline Advisers grew its holdings in ORIC Pharmaceuticals by 4.6% during the 4th quarter. Rhumbline Advisers now owns 93,319 shares of the company's stock worth $753,000 after acquiring an additional 4,072 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.