Oric Pharmaceuticals (NASDAQ:ORIC) Stock Jumps 7.1% – Time to Buy?

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shot up 7.1% during mid-day trading on Friday. The stock traded as high as $9.73 and last traded at $9.63. Approximately 1,247,645 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 1,717,616 shares. The stock had previously closed at $8.99.

Analysts Set New Price Targets

ORIC has been the subject of several analyst reports. Wall Street Zen upgraded shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. JPMorgan Chase & Co. increased their price objective on shares of Oric Pharmaceuticals from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, October 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Thursday, October 15th. HC Wainwright raised 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. Finally, Leerink Partners initiated coverage on shares of Oric Pharmaceuticals in a report on Monday, October 5th. They set an “outperform” rating and a $26.00 target price for the company. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.25.

Oric Pharmaceuticals Price Performance

The stock has a market cap of $957.73 million, a price-to-earnings ratio of -6.84 and a beta of 0.99. The firm has a 50 day simple moving average of $12.46 and a two-hundred day simple moving average of $11.15.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Monday, August 3rd. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.02). On average, sell-side analysts expect that Oric Pharmaceuticals, Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Transactions at Oric Pharmaceuticals

In related news, CFO Dominic Piscitelli sold 77,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the completion of the transaction, the chief financial officer owned 69,828 shares in the company, valued at approximately $955,945.32. The trade was a 52.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 105,000 shares of company stock worth $1,432,952 in the last ninety days. 5.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

Several hedge funds have recently bought and sold shares of ORIC. BlackRock Inc. bought a new stake in shares of Oric Pharmaceuticals in the second quarter worth about $73,904,000. Siren L.L.C. lifted its holdings in shares of Oric Pharmaceuticals by 197.6% during the 1st 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 in the last quarter. Algert Global LLC lifted its holdings in shares of 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. Bank of America Corp DE bought a new position in shares of Oric Pharmaceuticals during the 2nd quarter valued at about $11,675,000. Finally, Defilade Capital Management L.P. bought a new position in shares of Oric Pharmaceuticals during the 1st quarter valued at about $10,680,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc (NASDAQ: ORIC) is a clinical-stage biopharmaceutical company focused on developing medicines that overcome mechanisms of treatment resistance in cancer. The company uses its discovery platform to identify therapies intended to improve or restore the effectiveness of existing cancer treatments.

Oric’s pipeline has included ORIC-533, an oral small-molecule inhibitor of CD73 designed to block adenosine-mediated immunosuppression in the tumor microenvironment. The company has evaluated the program in hematologic malignancies, including multiple myeloma.