Oric Pharmaceuticals (NASDAQ:ORIC) Trading 7.9% Higher Following Earnings Beat

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) traded up 7.9% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $12.59 and last traded at $12.63. 2,354,486 shares traded hands during mid-day trading, an increase of 50% from the average session volume of 1,570,138 shares. The stock had previously closed at $11.71.

The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ORIC shares. HC Wainwright increased their target price on shares of Oric Pharmaceuticals from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Thursday, January 22nd. Wall Street Zen cut Oric Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, November 23rd. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Oric Pharmaceuticals in a research note on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on Oric Pharmaceuticals from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 18th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Oric Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $20.10.

Insiders Place Their Bets

In related news, CFO Dominic Piscitelli sold 10,720 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total value of $97,123.20. Following the completion of the transaction, the chief financial officer directly owned 68,148 shares of the company’s stock, valued at approximately $617,420.88. This represents a 13.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pratik S. Multani sold 10,720 shares of Oric Pharmaceuticals stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total value of $97,123.20. Following the completion of the sale, the insider directly owned 68,149 shares in the company, valued at $617,429.94. This represents a 13.59% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 54,814 shares of company stock worth $496,615. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in ORIC. Invesco Ltd. lifted its position in Oric Pharmaceuticals by 19.8% during the fourth quarter. Invesco Ltd. now owns 109,742 shares of the company’s stock worth $898,000 after acquiring an additional 18,128 shares during the last quarter. Corient Private Wealth LLC acquired a new stake in Oric Pharmaceuticals during the 4th quarter worth approximately $102,000. XTX Topco Ltd bought a new stake in Oric Pharmaceuticals in the 4th quarter valued at $904,000. VARCOV Co. acquired a new position in Oric Pharmaceuticals in the 4th quarter valued at $262,000. Finally, Virtus Investment Advisers LLC grew its holdings in Oric Pharmaceuticals by 141.0% in the 4th quarter. Virtus Investment Advisers LLC now owns 28,361 shares of the company’s stock valued at $232,000 after buying an additional 16,594 shares in the last quarter. Institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Trading Up 11.3%

The stock has a market cap of $1.27 billion, a P/E ratio of -7.49 and a beta of 1.35. The firm has a 50-day simple moving average of $9.98 and a two-hundred day simple moving average of $10.91.

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.