Wedbush Has Bearish Estimate for ORIC FY2024 Earnings

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) – Research analysts at Wedbush lowered their FY2024 earnings per share (EPS) estimates for ORIC Pharmaceuticals in a research note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the company will earn ($1.82) per share for the year, down from their prior forecast of ($1.73). Wedbush currently has a “Outperform” rating and a $20.00 target price on the stock. The consensus estimate for ORIC Pharmaceuticals’ current full-year earnings is ($1.80) per share. Wedbush also issued estimates for ORIC Pharmaceuticals’ Q4 2024 earnings at ($0.50) EPS, FY2025 earnings at ($2.18) EPS, FY2026 earnings at ($2.08) EPS and FY2027 earnings at ($2.24) EPS.

A number of other brokerages also recently commented on ORIC. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Oppenheimer decreased their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Finally, Stifel Nicolaus assumed coverage on shares of ORIC Pharmaceuticals in a research note on Friday, September 6th. They set a “buy” rating and a $20.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Down 14.0 %

ORIC Pharmaceuticals stock opened at $8.83 on Friday. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65. The firm’s fifty day moving average is $9.72 and its 200 day moving average is $9.33.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data 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).

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of ORIC. Alkeon Capital Management LLC grew 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 purchasing an additional 100,000 shares during the last quarter. Vanguard Group Inc. grew its stake in ORIC Pharmaceuticals by 27.9% in the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock worth $39,628,000 after acquiring an additional 629,536 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ORIC Pharmaceuticals by 140.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock worth $21,543,000 after acquiring an additional 915,175 shares during the period. First Turn Management LLC increased its position in shares of ORIC Pharmaceuticals by 38.1% during the second quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock worth $10,718,000 after acquiring an additional 418,389 shares during the period. Finally, NEA Management Company LLC bought a new stake in shares of ORIC Pharmaceuticals during the first quarter valued at approximately $20,625,000. Hedge funds and other institutional investors 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.