Oric Pharmaceuticals (NASDAQ:ORIC) Shares Climb 7.1% – Still a Buy?

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) were up 7.1% during trading on Friday. The company traded as high as $9.73 and last traded at $9.63. 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.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ORIC shares. Wedbush decreased their price target on shares of Oric Pharmaceuticals from $17.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday. Stifel Nicolaus lifted their target price on Oric Pharmaceuticals from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Thursday, October 15th. Leerink Partners initiated coverage on Oric Pharmaceuticals in a research note on Monday, October 5th. They issued an “outperform” rating and a $26.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on Oric Pharmaceuticals from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.25.

Oric Pharmaceuticals Price Performance

The firm has a market cap of $957.73 million, a price-to-earnings ratio of -6.84 and a beta of 0.99. The stock has a 50-day moving average of $12.55 and a 200-day moving average of $11.15.

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

Insider Buying and Selling at Oric Pharmaceuticals

In related news, CFO Dominic Piscitelli sold 77,000 shares of Oric Pharmaceuticals stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the sale, the chief financial officer directly owned 69,828 shares in the company, valued at approximately $955,945.32. This trade represents a 52.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 105,000 shares of company stock worth $1,432,952 over the last 90 days. 5.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Oric Pharmaceuticals in the second quarter worth approximately $73,904,000. Siren L.L.C. increased its holdings in shares of Oric Pharmaceuticals by 197.6% during the first quarter. Siren L.L.C. now owns 2,998,192 shares of the company’s stock valued at $37,987,000 after acquiring an additional 1,990,617 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Oric Pharmaceuticals by 19.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,471,290 shares of the company’s stock valued at $18,637,000 after purchasing an additional 244,060 shares during the last quarter. Algert Global LLC increased its position 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 during the last quarter. Finally, Braidwell LP lifted its position in Oric Pharmaceuticals by 7.7% during the second quarter. Braidwell LP now owns 1,214,540 shares of the company’s stock valued at $13,153,000 after purchasing an additional 86,500 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.