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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $9.42, but opened at $10.37. ORIC Pharmaceuticals shares last traded at $9.94, with a volume of 79,088 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Oppenheimer cut their price target on shares of ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Stifel Nicolaus initiated coverage on shares of ORIC Pharmaceuticals in a report on Friday, September 6th. They set a “buy” rating and a $20.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Wednesday, September 18th. Finally, Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research note on Thursday. They set an “overweight” rating and a $20.00 price objective for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Price Performance

The business’s fifty day simple moving average is $9.73 and its two-hundred day simple moving average is $9.26. The company has a market cap of $680.73 million, a PE ratio of -5.38 and a beta of 1.12.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ORIC. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after acquiring an additional 3,188 shares during the period. Profund Advisors LLC grew its position in shares of ORIC Pharmaceuticals by 23.6% in the second quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock valued at $155,000 after purchasing an additional 4,175 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in shares of ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of ORIC Pharmaceuticals by 8.3% during the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock worth $678,000 after purchasing an additional 7,310 shares during the last quarter. Finally, Quest Partners LLC raised its position in shares of ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after purchasing an additional 7,440 shares during the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

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.