Oric Pharmaceuticals (NASDAQ:ORIC) Sees Strong Trading Volume – Time to Buy?

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) saw an uptick in trading volume on Wednesday . 2,188,907 shares traded hands during trading, an increase of 41% from the previous session’s volume of 1,555,251 shares.The stock last traded at $11.3530 and had previously closed at $10.14.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ORIC. Wells Fargo & Company increased their price objective on shares of Oric Pharmaceuticals from $19.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, December 8th. Evercore ISI initiated coverage on Oric Pharmaceuticals in a report on Thursday, November 20th. They set an “outperform” rating and a $25.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Oric Pharmaceuticals in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Oric Pharmaceuticals from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, November 18th. Finally, Piper Sandler started coverage on Oric Pharmaceuticals in a research note on Wednesday, January 7th. They set an “overweight” rating and a $22.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.90.

Oric Pharmaceuticals Price Performance

The company has a 50 day moving average price of $10.13 and a 200 day moving average price of $10.86.

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

Insider Activity at Oric Pharmaceuticals

In other Oric Pharmaceuticals news, insider Pratik S. Multani sold 10,720 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $97,123.20. Following the completion of the sale, the insider owned 68,149 shares in the company, valued at approximately $617,429.94. The trade was a 13.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jacob Chacko sold 33,374 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $302,368.44. Following the completion of the transaction, the chief executive officer directly owned 581,711 shares in the company, valued at $5,270,301.66. This trade represents a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 54,814 shares of company stock valued at $496,615. 6.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in shares of Oric Pharmaceuticals in the first quarter worth approximately $276,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 buying an additional 3,131 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Oric Pharmaceuticals by 9.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company’s stock valued at $1,645,000 after buying an additional 24,778 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Oric Pharmaceuticals by 1,331.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,179 shares of the company’s stock valued at $2,841,000 after buying an additional 473,600 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in Oric Pharmaceuticals by 56.0% during the 1st quarter. Jane Street Group LLC now owns 31,198 shares of the company’s stock valued at $174,000 after acquiring an additional 11,198 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.