Oric Pharmaceuticals (NASDAQ:ORIC) Shares Up 7.9% on Earnings Beat

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) traded up 7.9% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $12.59 and last traded at $12.63. 2,354,486 shares were traded during trading, an increase of 50% from the average session volume of 1,570,138 shares. The stock had previously closed at $11.71.

The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04.

Wall Street Analyst Weigh In

ORIC has been the topic of a number of analyst reports. HC Wainwright increased their price target on Oric Pharmaceuticals from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday. Evercore assumed coverage on Oric Pharmaceuticals in a research report on Thursday, November 20th. They set an “outperform” rating and a $25.00 target price for the company. Wolfe Research assumed coverage on Oric Pharmaceuticals in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Oric Pharmaceuticals in a research note on Tuesday. Finally, Wall Street Zen downgraded shares of Oric Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, November 23rd. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.10.

Insider Buying and Selling

In related news, CFO Dominic Piscitelli sold 10,720 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $9.06, for a total value of $97,123.20. Following the sale, the chief financial officer directly owned 68,148 shares of the company’s stock, valued at $617,420.88. This trade represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jacob Chacko sold 33,374 shares of Oric Pharmaceuticals stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total value of $302,368.44. Following the completion of the transaction, the chief executive officer owned 581,711 shares in the company, valued at approximately $5,270,301.66. This represents a 5.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,814 shares of company stock worth $496,615 in the last ninety days. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in ORIC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Oric Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock worth $39,000 after buying an additional 977 shares during the period. California State Teachers Retirement System raised its position in shares of Oric Pharmaceuticals by 3.9% during the fourth quarter. California State Teachers Retirement System now owns 33,959 shares of the company’s stock worth $278,000 after acquiring an additional 1,270 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Oric Pharmaceuticals by 2.9% in the second quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,000 shares of the company’s stock worth $497,000 after acquiring an additional 1,358 shares during the period. ANTIPODES PARTNERS Ltd lifted its stake in shares of Oric Pharmaceuticals by 35.9% in the second quarter. ANTIPODES PARTNERS Ltd now owns 5,194 shares of the company’s stock worth $53,000 after acquiring an additional 1,372 shares during the period. Finally, ProShare Advisors LLC increased its position in Oric Pharmaceuticals by 12.9% during the 3rd quarter. ProShare Advisors LLC now owns 13,383 shares of the company’s stock valued at $161,000 after purchasing an additional 1,527 shares during the period. 95.05% of the stock is currently owned by institutional investors and hedge funds.

Oric Pharmaceuticals Trading Up 11.3%

The business’s 50-day simple moving average is $9.98 and its two-hundred day simple moving average is $10.91. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -7.49 and a beta of 1.35.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.