ORIC Pharmaceuticals (NASDAQ:ORIC) Given New $22.00 Price Target at JPMorgan Chase & Co.

ORIC Pharmaceuticals (NASDAQ:ORIC) had its price objective hoisted by JPMorgan Chase & Co. from $21.00 to $22.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Finally, Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus target price of $18.86.

ORIC Pharmaceuticals Stock Performance

ORIC stock opened at $8.30 on Wednesday. The stock has a market cap of $589.52 million, a P/E ratio of -4.56 and a beta of 1.20. The firm has a 50 day simple moving average of $9.25 and a 200 day simple moving average of $9.49. ORIC Pharmaceuticals has a 52 week low of $6.33 and a 52 week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. Sell-side analysts predict that ORIC Pharmaceuticals will post -2.17 EPS for the current year.

Insider Transactions at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. The trade was a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in ORIC Pharmaceuticals by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock worth $361,000 after acquiring an additional 1,279 shares during the period. China Universal Asset Management Co. Ltd. increased its position in ORIC Pharmaceuticals by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company’s stock worth $121,000 after acquiring an additional 1,395 shares during the period. Invesco Ltd. increased its position in ORIC Pharmaceuticals by 8.5% during the fourth quarter. Invesco Ltd. now owns 23,958 shares of the company’s stock worth $193,000 after acquiring an additional 1,876 shares during the period. PNC Financial Services Group Inc. increased its position in ORIC Pharmaceuticals by 22.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock worth $109,000 after acquiring an additional 2,520 shares during the period. Finally, Swiss National Bank increased its position in ORIC Pharmaceuticals by 5.4% during the fourth quarter. Swiss National Bank now owns 62,400 shares of the company’s stock worth $504,000 after acquiring an additional 3,200 shares during the period. Institutional investors own 95.05% of the company’s stock.

ORIC Pharmaceuticals Company Profile

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.