Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up on Insider Buying Activity

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $10.00, but opened at $10.63. Oric Pharmaceuticals shares last traded at $10.87, with a volume of 484,723 shares.

Specifically, Director Angie You purchased 26,597 shares of the stock in a transaction on Friday, June 20th. The shares were purchased at an average price of $9.39 per share, with a total value of $249,745.83. Following the acquisition, the director now directly owns 26,597 shares in the company, valued at approximately $249,745.83. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Oric Pharmaceuticals from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Oric Pharmaceuticals in a research note on Tuesday, May 6th. HC Wainwright restated a “buy” rating and set a $21.00 price objective on shares of Oric Pharmaceuticals in a research report on Monday, May 5th. Oppenheimer dropped their price objective on shares of Oric Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. Finally, Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Monday. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $19.17.

Oric Pharmaceuticals Stock Up 7.3%

The firm has a market capitalization of $914.79 million, a P/E ratio of -5.71 and a beta of 1.49. The business’s 50-day simple moving average is $6.71 and its 200 day simple moving average is $7.66.

Oric Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.09. Sell-side analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. boosted its position in Oric Pharmaceuticals by 8.5% during the 4th quarter. Invesco Ltd. now owns 23,958 shares of the company’s stock valued at $193,000 after buying an additional 1,876 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Oric Pharmaceuticals by 22.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after acquiring an additional 2,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Oric Pharmaceuticals by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company’s stock worth $226,000 after purchasing an additional 3,131 shares during the period. Swiss National Bank grew its stake in shares of Oric Pharmaceuticals by 5.4% in the fourth quarter. Swiss National Bank now owns 62,400 shares of the company’s stock worth $504,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Oric Pharmaceuticals by 4.6% during the 4th quarter. Rhumbline Advisers now owns 93,319 shares of the company’s stock valued at $753,000 after purchasing an additional 4,072 shares during the period. 95.05% of the stock is owned by institutional investors.

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.