Oric Pharmaceuticals (NASDAQ:ORIC) Shares Up 7.9% Following Better-Than-Expected Earnings

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price was up 7.9% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $12.59 and last traded at $12.63. Approximately 2,354,486 shares changed hands during trading, an increase of 50% from the average daily volume of 1,570,138 shares. The stock had previously closed at $11.71.

The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ORIC. Wells Fargo & Company increased their target price on Oric Pharmaceuticals from $19.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, December 8th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Oric Pharmaceuticals in a research report on Tuesday. Piper Sandler assumed coverage on shares of Oric Pharmaceuticals in a report on Wednesday, January 7th. They issued an “overweight” rating and a $22.00 price objective for the company. HC Wainwright increased their target price on shares of Oric Pharmaceuticals from $23.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Oppenheimer reissued an “outperform” rating and issued a $15.00 price target on shares of Oric Pharmaceuticals in a research note on Tuesday. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Oric Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $20.20.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, CEO Jacob Chacko sold 33,374 shares of the business’s 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 transaction, the chief executive officer owned 581,711 shares in the company, valued at approximately $5,270,301.66. The trade was a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dominic Piscitelli sold 10,720 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total value of $97,123.20. Following the transaction, the chief financial officer directly owned 68,148 shares of the company’s stock, valued at $617,420.88. The trade was a 13.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,814 shares of company stock valued at $496,615 in the last quarter. Insiders own 5.55% of the company’s stock.

Institutional Trading of Oric Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Oric Pharmaceuticals by 26.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock worth $39,000 after purchasing an additional 977 shares during the period. California State Teachers Retirement System boosted its position in Oric Pharmaceuticals by 3.9% during the 4th quarter. California State Teachers Retirement System now owns 33,959 shares of the company’s stock valued at $278,000 after acquiring an additional 1,270 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Oric Pharmaceuticals by 2.9% during the 2nd 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 raised its position in shares of Oric Pharmaceuticals by 35.9% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 5,194 shares of the company’s stock worth $53,000 after acquiring an additional 1,372 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Oric Pharmaceuticals by 12.9% in 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. Hedge funds and other institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Price Performance

The firm has a market cap of $1.31 billion, a PE ratio of -8.83 and a beta of 1.35. The firm has a 50-day simple moving average of $10.07 and a 200 day simple moving average of $10.94.

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.