Guggenheim Reaffirms “Buy” Rating for Oric Pharmaceuticals (NASDAQ:ORIC)

Oric Pharmaceuticals (NASDAQ:ORIC)‘s stock had its “buy” rating reaffirmed by investment analysts at Guggenheim in a report released on Wednesday,Benzinga reports. They currently have a $18.00 price target on the stock. Guggenheim’s price target points to a potential upside of 81.27% from the company’s previous close.

ORIC has been the topic of several other reports. LADENBURG THALM/SH SH started coverage on shares of Oric Pharmaceuticals in a research report on Tuesday, July 8th. They issued a “buy” rating and a $15.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of Oric Pharmaceuticals in a research report on Monday, May 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Oric Pharmaceuticals in a report on Tuesday, May 6th. Oppenheimer cut their price target on shares of Oric Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. Finally, Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Oric Pharmaceuticals has a consensus rating of “Buy” and an average price target of $17.63.

Oric Pharmaceuticals Stock Performance

ORIC opened at $9.93 on Wednesday. The company’s 50 day simple moving average is $10.29 and its 200 day simple moving average is $8.11. Oric Pharmaceuticals has a 1 year low of $3.90 and a 1 year high of $14.67. The stock has a market capitalization of $964.40 million, a PE ratio of -5.25 and a beta of 1.69.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, August 12th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.01). As a group, sell-side analysts expect that Oric Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Dominic Piscitelli sold 32,466 shares of Oric Pharmaceuticals stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $10.50, for a total transaction of $340,893.00. Following the sale, the chief financial officer owned 68,317 shares in the company, valued at $717,328.50. This trade represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Angie You acquired 26,597 shares of the company’s stock in a transaction dated Friday, June 20th. The shares were purchased at an average price of $9.39 per share, for a total transaction of $249,745.83. Following the purchase, the director directly owned 26,597 shares of the company’s stock, valued at approximately $249,745.83. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 40,000 shares of company stock worth $416,289 in the last quarter. Insiders own 6.82% of the company’s stock.

Institutional Trading of Oric Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. MPM Bioimpact LLC raised its stake in shares of Oric Pharmaceuticals by 23.6% during the second quarter. MPM Bioimpact LLC now owns 1,729,378 shares of the company’s stock valued at $17,553,000 after purchasing an additional 329,864 shares during the period. Orbimed Advisors LLC raised its stake in shares of Oric Pharmaceuticals by 28.5% during the second quarter. Orbimed Advisors LLC now owns 899,281 shares of the company’s stock valued at $9,128,000 after purchasing an additional 199,281 shares during the period. Jane Street Group LLC raised its stake in shares of Oric Pharmaceuticals by 49.7% during the second quarter. Jane Street Group LLC now owns 46,711 shares of the company’s stock valued at $474,000 after purchasing an additional 15,513 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Oric Pharmaceuticals during the second quarter valued at approximately $1,084,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Oric Pharmaceuticals by 2.9% during 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 buying an additional 1,358 shares in the last quarter. Hedge funds and other institutional investors 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.