Wedbush Weighs in on ORIC Pharmaceuticals, Inc.’s Q2 2024 Earnings (NASDAQ:ORIC)

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) – Equities researchers at Wedbush upped their Q2 2024 earnings per share (EPS) estimates for shares of ORIC Pharmaceuticals in a report released on Monday, May 6th. Wedbush analyst D. Nierengarten now expects that the company will earn ($0.41) per share for the quarter, up from their prior estimate of ($0.43). Wedbush has a “Outperform” rating and a $20.00 price target on the stock. The consensus estimate for ORIC Pharmaceuticals’ current full-year earnings is ($1.75) per share. Wedbush also issued estimates for ORIC Pharmaceuticals’ FY2024 earnings at ($1.68) EPS, FY2025 earnings at ($2.02) EPS, FY2026 earnings at ($2.10) EPS and FY2027 earnings at ($2.17) EPS.

Several other equities analysts have also recently weighed in on the stock. Citigroup decreased their price target on shares of ORIC Pharmaceuticals from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday. HC Wainwright boosted their price target on shares of ORIC Pharmaceuticals from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. decreased their price objective on ORIC Pharmaceuticals from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Finally, Cantor Fitzgerald initiated coverage on ORIC Pharmaceuticals in a research report on Friday, February 23rd. They set an “overweight” rating for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $20.00.

ORIC Pharmaceuticals Stock Performance

Shares of ORIC Pharmaceuticals stock opened at $9.60 on Thursday. The firm has a market cap of $647.23 million, a PE ratio of -4.90 and a beta of 1.19. The business’s 50 day simple moving average is $11.84 and its 200 day simple moving average is $9.96. ORIC Pharmaceuticals has a 52-week low of $4.90 and a 52-week high of $16.65.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.49) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.49).

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds have recently made changes to their positions in ORIC. Vivo Capital LLC acquired a new position in shares of ORIC Pharmaceuticals in the third quarter valued at $4,707,000. Alkeon Capital Management LLC boosted its holdings in shares of ORIC Pharmaceuticals by 16.8% during the third quarter. Alkeon Capital Management LLC now owns 3,479,289 shares of the company’s stock worth $21,050,000 after acquiring an additional 500,000 shares during the period. Euclidean Capital LLC grew its position in shares of ORIC Pharmaceuticals by 32.4% in the third quarter. Euclidean Capital LLC now owns 989,410 shares of the company’s stock valued at $5,986,000 after purchasing an additional 241,860 shares during the last quarter. Jump Financial LLC increased its stake in shares of ORIC Pharmaceuticals by 104.8% during the third quarter. Jump Financial LLC now owns 32,149 shares of the company’s stock worth $195,000 after purchasing an additional 16,449 shares during the period. Finally, Algert Global LLC bought a new position in shares of ORIC Pharmaceuticals during the third quarter worth approximately $81,000. 95.05% of the stock is owned by institutional investors and hedge funds.

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.