Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – Here’s What Happened

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped up before the market opened on Thursday . The stock had previously closed at $10.86, but opened at $11.21. Oric Pharmaceuticals shares last traded at $10.8230, with a volume of 164,798 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ORIC. Citigroup lifted their target price on shares of Oric Pharmaceuticals from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Oppenheimer restated an “outperform” rating and issued a $15.00 price objective on shares of Oric Pharmaceuticals in a research report on Tuesday, February 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Oric Pharmaceuticals in a research report on Monday, March 9th. Wall Street Zen raised Oric Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Piper Sandler started coverage on Oric Pharmaceuticals in a report 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Oric Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $20.20.

Oric Pharmaceuticals Price Performance

The stock’s 50 day moving average is $11.61 and its 200-day moving average is $11.27. The company has a market capitalization of $1.12 billion, a P/E ratio of -7.34 and a beta of 1.28.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Monday, February 23rd. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. On average, equities research analysts anticipate that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 52,000 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $13.51, for a total transaction of $702,520.00. Following the completion of the transaction, the chief financial officer owned 68,148 shares of the company’s stock, valued at approximately $920,679.48. This trade represents a 43.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 6.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC bought a new position in Oric Pharmaceuticals in the 4th quarter worth about $102,000. Invesco Ltd. raised its stake in shares of Oric Pharmaceuticals by 19.8% in the fourth quarter. Invesco Ltd. now owns 109,742 shares of the company’s stock worth $898,000 after purchasing an additional 18,128 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Oric Pharmaceuticals during the fourth quarter valued at $904,000. VARCOV Co. purchased a new stake in shares of Oric Pharmaceuticals during the fourth quarter valued at $262,000. Finally, Virtus Investment Advisers LLC increased 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 worth $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 Company Profile

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.