Citigroup Lowers ORIC Pharmaceuticals (NASDAQ:ORIC) Price Target to $14.00

ORIC Pharmaceuticals (NASDAQ:ORIC) had its target price cut by Citigroup from $15.00 to $14.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 45.08% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reduced their price target on ORIC Pharmaceuticals from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Cantor Fitzgerald initiated coverage on ORIC Pharmaceuticals in a report on Friday, February 23rd. They issued an “overweight” rating for the company. Wedbush upped their price target on ORIC Pharmaceuticals from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Finally, HC Wainwright upped their price target on ORIC Pharmaceuticals from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $20.00.

ORIC Pharmaceuticals Stock Up 3.0 %

Shares of ORIC traded up $0.28 during mid-day trading on Tuesday, reaching $9.65. The company had a trading volume of 183,985 shares, compared to its average volume of 540,439. ORIC Pharmaceuticals has a 52-week low of $4.90 and a 52-week high of $16.65. The stock has a market capitalization of $650.60 million, a P/E ratio of -4.93 and a beta of 1.19. The stock has a 50 day moving average of $11.93 and a two-hundred day moving average of $9.94.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.49) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.49). On average, sell-side analysts expect that ORIC Pharmaceuticals will post -1.75 earnings per share for the current year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AJOVista LLC purchased a new position in ORIC Pharmaceuticals in the fourth quarter worth approximately $40,000. China Universal Asset Management Co. Ltd. purchased a new position in ORIC Pharmaceuticals in the fourth quarter worth approximately $58,000. Strs Ohio purchased a new position in ORIC Pharmaceuticals in the fourth quarter worth approximately $72,000. Sherbrooke Park Advisers LLC purchased a new position in ORIC Pharmaceuticals in the third quarter worth approximately $72,000. Finally, Algert Global LLC purchased a new position in ORIC Pharmaceuticals in the third quarter worth approximately $81,000. Institutional investors and hedge funds 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.