Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Up After Insider Buying Activity

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $10.00, but opened at $10.63. Oric Pharmaceuticals shares last traded at $10.87, with a volume of 484,723 shares.

Specifically, Director Angie You bought 26,597 shares of the stock in a transaction on Friday, June 20th. The shares were bought at an average cost of $9.39 per share, for a total transaction of $249,745.83. Following the purchase, the director now owns 26,597 shares of the company’s stock, valued at $249,745.83. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of Oric Pharmaceuticals in a research note on Monday, May 5th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Oric Pharmaceuticals in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Oric Pharmaceuticals in a research report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price objective on Oric Pharmaceuticals from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, Oppenheimer cut their price objective on Oric Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $19.17.

Oric Pharmaceuticals Price Performance

The company has a market capitalization of $871.80 million, a PE ratio of -5.47 and a beta of 1.49. The stock has a 50-day simple moving average of $6.93 and a 200 day simple moving average of $7.70.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Monday, May 5th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.09. As a group, research analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Institutional Trading of Oric Pharmaceuticals

Several large investors have recently bought and sold shares of ORIC. Rhumbline Advisers grew its holdings in Oric Pharmaceuticals by 4.6% in the fourth quarter. Rhumbline Advisers now owns 93,319 shares of the company’s stock valued at $753,000 after purchasing an additional 4,072 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Oric Pharmaceuticals by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 417,955 shares of the company’s stock valued at $3,373,000 after purchasing an additional 7,726 shares during the last quarter. M&T Bank Corp grew its holdings in Oric Pharmaceuticals by 16.6% in the fourth quarter. M&T Bank Corp now owns 99,234 shares of the company’s stock valued at $801,000 after purchasing an additional 14,097 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Oric Pharmaceuticals by 22.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after purchasing an additional 2,520 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in Oric Pharmaceuticals by 2,597.8% in the fourth quarter. AlphaQuest LLC now owns 28,435 shares of the company’s stock valued at $229,000 after purchasing an additional 27,381 shares during the last quarter. Institutional investors and hedge funds 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.