ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.71, but opened at $9.94. ORIC Pharmaceuticals shares last traded at $10.03, with a volume of 140,543 shares trading hands.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Stifel Nicolaus assumed coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 target price for the company. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Tuesday, September 10th. Oppenheimer dropped their target price on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Finally, HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Wednesday, September 18th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $18.00.

ORIC Pharmaceuticals Price Performance

The stock has a market cap of $595.36 million, a PE ratio of -4.82 and a beta of 1.12. The business has a fifty day moving average of $9.81 and a 200-day moving average of $9.31.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). As a group, equities research analysts predict that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current year.

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. lifted its holdings in ORIC Pharmaceuticals by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 137,962 shares of the company’s stock worth $1,414,000 after buying an additional 35,528 shares during the period. Creative Planning purchased a new stake in ORIC Pharmaceuticals during the third quarter worth $116,000. SG Americas Securities LLC purchased a new stake in ORIC Pharmaceuticals during the third quarter worth $714,000. The Manufacturers Life Insurance Company lifted its holdings in ORIC Pharmaceuticals by 7.7% during the second quarter. The Manufacturers Life Insurance Company now owns 131,350 shares of the company’s stock worth $929,000 after buying an additional 9,424 shares during the period. Finally, Millennium Management LLC lifted its holdings in ORIC Pharmaceuticals by 297.4% during the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock worth $5,531,000 after buying an additional 585,447 shares during the period. Hedge funds and other institutional investors own 95.05% of the company’s stock.

About ORIC Pharmaceuticals

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.