ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped down prior to trading on Thursday . The stock had previously closed at $8.19, but opened at $8.00. ORIC Pharmaceuticals shares last traded at $8.19, with a volume of 10,113 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Stifel Nicolaus began coverage on ORIC Pharmaceuticals in a report on Friday, September 6th. They issued a “buy” rating and a $20.00 target price on the stock. Wells Fargo & Company started coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. HC Wainwright reiterated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Monday, November 4th. Finally, Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Tuesday, November 12th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Trading Down 1.2 %

The stock has a market capitalization of $582.18 million, a PE ratio of -4.58 and a beta of 1.13. The company’s 50 day simple moving average is $9.14 and its 200 day simple moving average is $9.32.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, analysts predict that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current year.

Insider Transactions at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the firm’s stock in a transaction dated 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 in the company, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction dated 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 transaction, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,361 shares of company stock worth $350,749 in the last three months. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in shares of ORIC Pharmaceuticals by 152.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock worth $4,205,000 after acquiring an additional 247,863 shares in the last quarter. Franklin Resources Inc. increased its holdings in ORIC Pharmaceuticals by 26.1% in the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after purchasing an additional 196,804 shares in the last quarter. Bank of New York Mellon Corp raised its position in ORIC Pharmaceuticals by 62.0% in the second quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock valued at $1,318,000 after purchasing an additional 71,394 shares during the period. Creative Planning acquired a new position in shares of ORIC Pharmaceuticals during the third quarter worth about $116,000. Finally, Monaco Asset Management SAM boosted its position in shares of ORIC Pharmaceuticals by 132.0% in the second quarter. Monaco Asset Management SAM now owns 301,650 shares of the company’s stock worth $2,133,000 after buying an additional 171,650 shares during the period. Hedge funds and other 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.