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

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shares gapped up prior to trading 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 changing hands.

Specifically, Director Angie You acquired 26,597 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The shares were bought at an average price of $9.39 per share, with a total value of $249,745.83. Following the acquisition, the director now directly owns 26,597 shares in the company, valued at $249,745.83. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of Oric Pharmaceuticals in a research report on Monday, May 5th. Guggenheim reissued a “buy” rating on shares of Oric Pharmaceuticals in a research report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Oric Pharmaceuticals in a research note on Tuesday, May 6th. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Oric Pharmaceuticals in a research report on Monday. Finally, Oppenheimer cut their target price on Oric Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Oric Pharmaceuticals presently has an average rating of “Buy” and an average price target of $19.17.

Oric Pharmaceuticals Stock Up 7.3%

The firm’s 50 day simple moving average is $6.71 and its two-hundred day simple moving average is $7.66. The stock has a market capitalization of $914.79 million, a P/E ratio of -5.71 and a beta of 1.49.

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

Hedge Funds Weigh In On Oric Pharmaceuticals

A number of institutional investors have recently modified their holdings of ORIC. Bank of America Corp DE increased its stake in Oric Pharmaceuticals by 34.0% in the 4th quarter. Bank of America Corp DE now owns 112,520 shares of the company’s stock valued at $908,000 after buying an additional 28,570 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Oric Pharmaceuticals by 16.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 717,188 shares of the company’s stock valued at $5,788,000 after buying an additional 103,237 shares in the last quarter. Wellington Management Group LLP raised its holdings in Oric Pharmaceuticals by 6.9% during the 4th quarter. Wellington Management Group LLP now owns 186,430 shares of the company’s stock valued at $1,504,000 after acquiring an additional 12,042 shares during the period. Sphera Funds Management LTD. grew its position in shares of Oric Pharmaceuticals by 112.8% in the fourth quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company’s stock valued at $2,205,000 after purchasing an additional 144,817 shares in the last quarter. Finally, Diadema Partners LP bought a new stake in shares of Oric Pharmaceuticals during the fourth quarter valued at about $1,729,000. 95.05% of the stock is owned by institutional investors and hedge funds.

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.