Wedbush Reaffirms Outperform Rating for ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They presently have a $20.00 price target on the stock. Wedbush’s price objective would suggest a potential upside of 142.13% from the company’s previous close.

A number of other brokerages also recently issued reports on ORIC. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, May 5th. JPMorgan Chase & Co. increased their price objective on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Oppenheimer reduced their price objective on shares of ORIC Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, May 6th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $19.17.

ORIC Pharmaceuticals Stock Up 3.6%

Shares of ORIC stock opened at $8.26 on Thursday. The company’s fifty day simple moving average is $5.38 and its 200-day simple moving average is $7.70. ORIC Pharmaceuticals has a 12 month low of $3.90 and a 12 month high of $14.67. The firm has a market cap of $587.19 million, a PE ratio of -4.54 and a beta of 1.37.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.09. On average, equities analysts predict that ORIC Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC boosted its stake in shares of ORIC Pharmaceuticals by 56.0% in the 1st quarter. Jane Street Group LLC now owns 31,198 shares of the company’s stock valued at $174,000 after purchasing an additional 11,198 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in ORIC Pharmaceuticals by 1,331.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,179 shares of the company’s stock worth $2,841,000 after purchasing an additional 473,600 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in ORIC Pharmaceuticals by 9.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company’s stock worth $1,645,000 after purchasing an additional 24,778 shares during the last quarter. Parkman Healthcare Partners LLC bought a new stake in shares of ORIC Pharmaceuticals in the 1st quarter valued at $1,133,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of ORIC Pharmaceuticals by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company’s stock valued at $226,000 after acquiring an additional 3,131 shares in the last quarter. 95.05% of the stock is currently 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.