Wolfe Research Initiates Coverage on Oric Pharmaceuticals (NASDAQ:ORIC)

Stock analysts at Wolfe Research started coverage on shares of Oric Pharmaceuticals (NASDAQ:ORIC) in a report released on Tuesday. The firm set a “peer perform” rating on the stock.

Several other research analysts have also weighed in on the company. Citigroup increased their target price on Oric Pharmaceuticals from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Wednesday, October 8th. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of Oric Pharmaceuticals in a report on Friday. Wells Fargo & Company reduced their price objective on Oric Pharmaceuticals from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, HC Wainwright increased their target price on shares of Oric Pharmaceuticals from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Oric Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $17.88.

Oric Pharmaceuticals Stock Down 1.6%

Shares of NASDAQ:ORIC opened at $12.06 on Tuesday. The company has a market capitalization of $1.17 billion, a P/E ratio of -6.97 and a beta of 1.66. Oric Pharmaceuticals has a 52-week low of $3.90 and a 52-week high of $14.93. The stock’s fifty day simple moving average is $12.23 and its 200-day simple moving average is $10.23.

Oric Pharmaceuticals (NASDAQ:ORIC) last announced its earnings results on Thursday, November 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.08. On average, sell-side analysts anticipate that Oric Pharmaceuticals will post -2.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Dominic Piscitelli sold 11,000 shares of Oric Pharmaceuticals stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $14.52, for a total value of $159,720.00. Following the completion of the transaction, the chief financial officer directly owned 48,317 shares of the company’s stock, valued at approximately $701,562.84. The trade was a 18.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jacob Chacko sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $10.80, for a total value of $1,350,000.00. Following the transaction, the chief executive officer directly owned 656,419 shares of the company’s stock, valued at $7,089,325.20. This trade represents a 16.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 261,000 shares of company stock valued at $3,024,703. 5.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Vivo Capital LLC boosted its holdings in shares of Oric Pharmaceuticals by 62.8% in the first quarter. Vivo Capital LLC now owns 2,080,450 shares of the company’s stock valued at $11,609,000 after acquiring an additional 802,632 shares in the last quarter. Rafferty Asset Management LLC raised its holdings in Oric Pharmaceuticals by 50.7% during the first quarter. Rafferty Asset Management LLC now owns 77,424 shares of the company’s stock worth $432,000 after purchasing an additional 26,032 shares in the last quarter. Victory Capital Management Inc. lifted its position in Oric Pharmaceuticals by 54.1% in the first quarter. Victory Capital Management Inc. now owns 150,260 shares of the company’s stock worth $838,000 after purchasing an additional 52,760 shares during the period. Nuveen LLC acquired a new stake in Oric Pharmaceuticals in the first quarter worth approximately $935,000. Finally, Swiss National Bank boosted its stake in Oric Pharmaceuticals by 9.6% during the 1st quarter. Swiss National Bank now owns 68,400 shares of the company’s stock valued at $382,000 after purchasing an additional 6,000 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

About Oric Pharmaceuticals

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.