Oric Pharmaceuticals (NASDAQ:ORIC) Shares Climb 8.5% Following Analyst Upgrade

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price traded up 8.5% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $23.00 to $26.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Oric Pharmaceuticals traded as high as $12.63 and last traded at $12.5750. Approximately 552,917 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,688,024 shares. The stock had previously closed at $11.59.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Friday, July 17th. BTIG Research started coverage on shares of Oric Pharmaceuticals in a research note on Wednesday, September 23rd. They set a “buy” rating and a $26.00 price objective for the company. HC Wainwright boosted their price objective on shares of Oric Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Leerink Partners started coverage on Oric Pharmaceuticals in a report on Monday, October 5th. They set an “outperform” rating and a $26.00 price objective for the company. Finally, Wall Street Zen raised Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.17.

Insider Activity

In other news, CFO Dominic Piscitelli sold 13,400 shares of the firm’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $13.53, for a total value of $181,302.00. Following the transaction, the chief financial officer owned 69,828 shares of the company’s stock, valued at approximately $944,772.84. This trade represents a 16.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 91,000 shares of company stock valued at $1,243,532 over the last ninety days. 5.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Oric Pharmaceuticals during the second quarter valued at approximately $73,904,000. Siren L.L.C. boosted its stake in shares of Oric Pharmaceuticals by 197.6% in the first quarter. Siren L.L.C. now owns 2,998,192 shares of the company’s stock valued at $37,987,000 after purchasing an additional 1,990,617 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Oric Pharmaceuticals by 19.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,471,290 shares of the company’s stock valued at $18,637,000 after purchasing an additional 244,060 shares during the period. Bank of America Corp DE grew its holdings in Oric Pharmaceuticals by 105.5% during the 1st quarter. Bank of America Corp DE now owns 1,043,159 shares of the company’s stock valued at $13,217,000 after purchasing an additional 535,649 shares in the last quarter. Finally, Algert Global LLC grew its holdings in Oric Pharmaceuticals by 791.3% during the 2nd quarter. Algert Global LLC now owns 1,215,293 shares of the company’s stock valued at $13,162,000 after purchasing an additional 1,078,943 shares in the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Trading Up 8.9%

The stock has a market cap of $1.31 billion, a PE ratio of -9.31 and a beta of 0.99. The company’s 50 day moving average is $12.98 and its 200-day moving average is $10.89.

Oric Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02). As a group, analysts forecast that Oric Pharmaceuticals, Inc. will post -1.53 EPS for the current year.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc (NASDAQ: ORIC) is a clinical-stage biopharmaceutical company focused on developing therapies for cancer. The company’s research is centered on mechanisms that enable tumors to resist or evade treatment, with the goal of restoring sensitivity to established cancer therapies and improving patient outcomes.

Oric’s pipeline has included investigational small-molecule therapies designed to target cancer biology and treatment resistance. These programs include ORIC-533, an oral inhibitor of CD73 being studied in oncology, and ORIC-944, an oral allosteric inhibitor of EED, a component of the polycomb repressive complex 2.