ORIC Pharmaceuticals (NASDAQ:ORIC) Price Target Raised to $13.00 at Citigroup

ORIC Pharmaceuticals (NASDAQ:ORIC) had its price objective hoisted by Citigroup from $8.00 to $13.00 in a report issued on Tuesday, FlyOnTheWall reports.

Several other brokerages have also weighed in on ORIC. HC Wainwright cut their price objective on shares of ORIC Pharmaceuticals from $14.00 to $13.00 and set a buy rating on the stock in a research report on Tuesday, August 15th. Robert W. Baird raised their price objective on shares of ORIC Pharmaceuticals from $15.00 to $27.00 and gave the company an outperform rating in a research report on Wednesday, August 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals presently has a consensus rating of Buy and a consensus price target of $16.17.

ORIC Pharmaceuticals Stock Performance

ORIC stock opened at $9.00 on Tuesday. The stock has a market cap of $490.77 million, a P/E ratio of -4.13 and a beta of 0.76. The firm has a 50 day simple moving average of $8.29 and a 200 day simple moving average of $6.35. ORIC Pharmaceuticals has a 52 week low of $2.36 and a 52 week high of $9.79.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.08. Sell-side analysts predict that ORIC Pharmaceuticals will post -1.95 EPS for the current year.

Insider Activity

In other news, CEO Jacob Chacko sold 10,508 shares of ORIC Pharmaceuticals stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $8.01, for a total value of $84,169.08. Following the transaction, the chief executive officer now owns 785,808 shares of the company’s stock, valued at $6,294,322.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 34,844 shares of company stock valued at $279,500 over the last 90 days. 5.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Prosight Management LP grew its stake in shares of ORIC Pharmaceuticals by 78.7% in the second quarter. Prosight Management LP now owns 2,761,468 shares of the company’s stock worth $21,429,000 after acquiring an additional 1,216,468 shares during the last quarter. BlackRock Inc. grew its stake in shares of ORIC Pharmaceuticals by 273.0% in the second quarter. BlackRock Inc. now owns 2,575,281 shares of the company’s stock worth $19,984,000 after acquiring an additional 1,884,767 shares during the last quarter. Alkeon Capital Management LLC grew its stake in shares of ORIC Pharmaceuticals by 13.9% in the fourth quarter. Alkeon Capital Management LLC now owns 2,399,252 shares of the company’s stock worth $14,132,000 after acquiring an additional 292,284 shares during the last quarter. VR Adviser LLC acquired a new stake in shares of ORIC Pharmaceuticals in the second quarter worth $16,629,000. Finally, First Manhattan Co. acquired a new stake in shares of ORIC Pharmaceuticals in the first quarter worth $10,442,000. Institutional investors own 91.30% of the company’s stock.

About ORIC Pharmaceuticals

ORIC Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for treatment of cancers in the United States. Its clinical stage product candidates include ORIC-533, an orally bioavailable small molecule inhibitor of CD73 being developed for resistance to chemotherapy- and immunotherapy-based treatment regimens; ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 for prostate cancer; and ORIC-114, a brain penetrant orally bioavailable irreversible inhibitor designed to selectively target epidermal growth factor receptor and human epidermal growth factor receptor 2 with high potency towards exon 20 insertion mutations.