ORIC Pharmaceuticals (NASDAQ:ORIC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

ORIC Pharmaceuticals (NASDAQ:ORIC) issued its quarterly earnings results on Tuesday. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01, Zacks reports.

ORIC Pharmaceuticals Stock Performance

ORIC Pharmaceuticals stock opened at $7.85 on Wednesday. The business has a 50-day simple moving average of $9.35 and a two-hundred day simple moving average of $9.53. ORIC Pharmaceuticals has a 52-week low of $6.33 and a 52-week high of $16.65.

Insider Buying and Selling at ORIC Pharmaceuticals

In related news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now directly owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction that occurred on Monday, December 16th. The stock was 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 position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock worth $350,749 in the last three months. 5.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. JPMorgan Chase & Co. upped their price objective on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Tuesday, February 11th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $18.71.

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.