Brokerages Set ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) Price Target at $18.29

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) have been assigned an average rating of “Buy” from the eight brokerages that are covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have covered the stock in the last year is $18.29.

Several analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday. Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday.

ORIC Pharmaceuticals Price Performance

ORIC Pharmaceuticals stock opened at $10.04 on Friday. The firm has a market capitalization of $708.52 million, a P/E ratio of -5.58 and a beta of 1.18. ORIC Pharmaceuticals has a 1-year low of $6.33 and a 1-year high of $16.65. The company’s 50-day moving average is $9.01 and its 200 day moving average is $9.46.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). Research analysts anticipate that ORIC Pharmaceuticals will post -1.84 earnings per share for the current fiscal year.

Insider Activity

In other ORIC Pharmaceuticals news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the transaction, the chief financial officer now owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the business’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 $73,278.00. Following the completion of the transaction, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ORIC. Bank of New York Mellon Corp boosted its stake in ORIC Pharmaceuticals by 62.0% in the second quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock valued at $1,318,000 after acquiring an additional 71,394 shares in the last quarter. Rhumbline Advisers boosted its position in shares of ORIC Pharmaceuticals by 53.7% in the 2nd quarter. Rhumbline Advisers now owns 92,702 shares of the company’s stock worth $655,000 after purchasing an additional 32,402 shares in the last quarter. Victory Capital Management Inc. grew its stake in ORIC Pharmaceuticals by 8.3% during the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock worth $678,000 after buying an additional 7,310 shares during the last quarter. Quest Partners LLC increased its position in ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after buying an additional 7,440 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in ORIC Pharmaceuticals by 15.1% in the second quarter. American Century Companies Inc. now owns 84,201 shares of the company’s stock valued at $595,000 after buying an additional 11,034 shares during the last quarter. Hedge funds and other 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.