ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Up 13.9% After Analyst Upgrade

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s share price traded up 13.9% during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $22.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ORIC Pharmaceuticals traded as high as $9.53 and last traded at $9.20. 420,908 shares were traded during mid-day trading, a decline of 65% from the average session volume of 1,202,366 shares. The stock had previously closed at $8.08.

Several other research firms have also recently weighed in on ORIC. HC Wainwright reaffirmed a "buy" rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Friday, February 21st. Guggenheim reaffirmed a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Wednesday. Wedbush reaffirmed an "outperform" rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an "overweight" rating and a $20.00 price objective for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals has an average rating of "Buy" and a consensus target price of $18.86.

Insider Activity at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the sale, the insider now directly owns 46,765 shares of the company's stock, valued at $387,214.20. This trade represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jacob Chacko sold 24,660 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,361 shares of company stock valued at $350,749. Insiders own 5.55% of the company's stock.

Institutional Trading of ORIC Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. KLP Kapitalforvaltning AS bought a new position in shares of ORIC Pharmaceuticals during the fourth quarter worth approximately $50,000. BNP Paribas Financial Markets bought a new position in shares of ORIC Pharmaceuticals during the fourth quarter worth approximately $71,000. PNC Financial Services Group Inc. increased its stake in shares of ORIC Pharmaceuticals by 22.9% during the fourth 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 during the period. Creative Planning bought a new position in shares of ORIC Pharmaceuticals during the third quarter worth approximately $116,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of ORIC Pharmaceuticals by 1,048.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,661 shares of the company's stock worth $118,000 after purchasing an additional 13,384 shares during the period. 95.05% of the stock is owned by institutional investors and hedge funds.

ORIC Pharmaceuticals Stock Up 2.4 %

The company has a market cap of $570.35 million, a P/E ratio of -4.41 and a beta of 1.21. The stock has a 50 day moving average price of $9.26 and a two-hundred day moving average price of $9.47.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, topping analysts' consensus estimates of ($0.52) by $0.01. Equities analysts anticipate that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

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.