ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) reported a loss for the fourth quarter on Monday.

ORIC Pharmaceuticals posted a quarterly loss of 49 cents per share, in-line with market estimates, according to data from Benzinga Pro.

Research and development expenses rose to $24.5 million for the three months ended Dec. 31, 2023, up from $16.3 million in the year-ago period.

"We've made significant progress over the past year as we presented initial positive data readouts across our three clinical programs, ORIC-114, ORIC-944 and ORIC-533, demonstrating their potential as best-in-class cancer therapeutics," said Jacob M. Chacko, M.D., president and chief executive officer. "We strengthened our balance sheet with the completion of two PIPE financings totaling $210 million from top-tier healthcare specialist funds and prioritized our clinical pipeline around ORIC-114 and ORIC-944. We are building on the momentum generated in 2023 with multiple clinical milestones planned through the first half of 2025 as we advance two programs towards the initiation of registrational studies in the second half of 2025."

ORIC Pharmaceuticals shares fell 2.4% to trade at $14.63 on Tuesday.

These analysts made changes to their price targets on ORIC Pharmaceuticals after the company reported quarterly results.

• Baird cut the price target on ORIC Pharmaceuticals from $27 to $25. Baird analyst Colleen Kusy maintained an Outperform rating.
• Oppenheimer increased the price target on ORIC Pharmaceuticals from $14 to $17. Oppenheimer analyst Matthew Biegler maintained an Outperform rating.
• Wedbush analyst David Nierengarten reiterated ORIC Pharmaceuticals with an Outperform and maintained a $20 price target.

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