JPMorgan Chase & Co. Forecasts Strong Price Appreciation for ORIC Pharmaceuticals (NASDAQ:ORIC) Stock

ORIC Pharmaceuticals (NASDAQ:ORIC) had its price target increased by JPMorgan Chase & Co. from $21.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 157.61% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.86.

ORIC Pharmaceuticals Stock Up 5.7 %

Shares of ORIC Pharmaceuticals stock traded up $0.46 on Wednesday, hitting $8.54. The stock had a trading volume of 905,651 shares, compared to its average volume of 1,214,472. The stock’s 50-day simple moving average is $9.25 and its two-hundred day simple moving average is $9.49. ORIC Pharmaceuticals has a one year low of $6.33 and a one year high of $16.65. The stock has a market cap of $606.57 million, a price-to-earnings ratio of -4.78 and a beta of 1.20.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. As a group, equities analysts predict that ORIC Pharmaceuticals will post -2.17 EPS for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In related news, CFO Dominic Piscitelli sold 8,851 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the completion of the sale, the chief financial officer now directly owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $204,184.80. Following the transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock worth $350,749 in the last quarter. 5.55% of the stock is owned by corporate insiders.

Institutional Trading of ORIC Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Alkeon Capital Management LLC boosted its holdings in ORIC Pharmaceuticals by 2.6% in the third quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock worth $40,017,000 after acquiring an additional 100,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of ORIC Pharmaceuticals by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 3,203,789 shares of the company’s stock worth $25,855,000 after buying an additional 36,478 shares during the last quarter. Boxer Capital Management LLC acquired a new position in shares of ORIC Pharmaceuticals in the fourth quarter valued at about $13,982,000. NEA Management Company LLC grew its position in ORIC Pharmaceuticals by 4.4% during the 4th quarter. NEA Management Company LLC now owns 1,566,081 shares of the company’s stock worth $12,638,000 after purchasing an additional 66,081 shares during the period. Finally, Balyasny Asset Management L.P. boosted its stake in shares of ORIC Pharmaceuticals by 37.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,555,260 shares of the company’s stock worth $12,551,000 after acquiring an additional 424,194 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

ORIC Pharmaceuticals Company Profile

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.