Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 7% – Here’s Why

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shot up 7% during mid-day trading on Thursday . The stock traded as high as $12.50 and last traded at $12.52. 444,754 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,646,653 shares. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Citigroup raised their price objective on Oric Pharmaceuticals from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Piper Sandler began coverage on Oric Pharmaceuticals in a report on Wednesday, January 7th. They set an “overweight” rating and a $22.00 target price for the company. Wells Fargo & Company increased their price target on Oric Pharmaceuticals from $19.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Thursday, January 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Oric Pharmaceuticals in a report on Monday, March 9th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.20.

Oric Pharmaceuticals Trading Down 2.6%

The firm’s 50-day simple moving average is $11.70 and its two-hundred day simple moving average is $11.31. The stock has a market capitalization of $1.21 billion, a PE ratio of -7.93 and a beta of 1.28.

Oric Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Monday, February 23rd. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.04. As a group, research analysts expect that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

Insider Transactions at Oric Pharmaceuticals

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 52,000 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $13.51, for a total transaction of $702,520.00. Following the completion of the sale, the chief financial officer directly owned 68,148 shares in the company, valued at approximately $920,679.48. This trade represents a 43.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 6.82% of the company’s stock.

Institutional Trading of Oric Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Federation des caisses Desjardins du Quebec grew its position in Oric Pharmaceuticals by 100.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,000 shares of the company’s stock valued at $33,000 after purchasing an additional 2,000 shares in the last quarter. Assetmark Inc. acquired a new stake in shares of Oric Pharmaceuticals during the 3rd quarter valued at $37,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Oric Pharmaceuticals by 184.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,528 shares of the company’s stock valued at $37,000 after buying an additional 2,936 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Oric Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock valued at $39,000 after acquiring an additional 977 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Oric Pharmaceuticals in the third quarter worth $60,000. 95.05% of the stock is owned by hedge funds and other institutional investors.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.