Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Up 7.1% – Here’s What Happened

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shares rose 7.1% during mid-day trading on Friday. The company traded as high as $9.73 and last traded at $9.63. Approximately 1,247,645 shares traded hands 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ORIC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research report on Thursday, October 15th. Wall Street Zen raised shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Stifel Nicolaus upped their price target on Oric Pharmaceuticals from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Monday. Leerink Partners initiated coverage on shares of Oric Pharmaceuticals in a report on Monday, October 5th. They set an “outperform” rating and a $26.00 target price on the stock. Finally, HC Wainwright boosted their target price on Oric Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.25.

Oric Pharmaceuticals Stock Performance

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

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

Insider Buying and Selling at Oric Pharmaceuticals

In other news, CFO Dominic Piscitelli sold 14,000 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $13.53, for a total transaction of $189,420.00. Following the completion of the transaction, the chief financial officer owned 69,828 shares in the company, valued at approximately $944,772.84. This represents a 16.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 105,000 shares of company stock worth $1,432,952. 5.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Oric Pharmaceuticals during the second quarter worth $38,000. Quantbot Technologies LP acquired a new stake in Oric Pharmaceuticals during the second quarter valued at approximately $46,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Oric Pharmaceuticals in the third quarter valued at about $71,000. Canada Pension Plan Investment Board bought a new position in shares of Oric Pharmaceuticals in the second quarter valued at about $128,000. Finally, E Fund Management Co. Ltd. acquired a new stake in shares of Oric Pharmaceuticals in the 2nd quarter valued at $139,000. 95.05% of the stock is currently 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.