ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 3.4% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price dropped 3.4% during mid-day trading on Tuesday . The stock traded as low as $8.00 and last traded at $8.05. Approximately 40,944 shares traded hands during trading, a decline of 92% from the average daily volume of 498,727 shares. The stock had previously closed at $8.33.

Analysts Set New Price Targets

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

ORIC Pharmaceuticals Trading Down 1.7 %

The company has a 50 day moving average of $9.19 and a 200 day moving average of $9.33. The firm has a market cap of $577.94 million, a price-to-earnings ratio of -4.55 and a beta of 1.13.

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

Insiders Place Their Bets

In related news, CEO Jacob Chacko sold 24,660 shares of ORIC Pharmaceuticals stock in a transaction dated 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 transaction, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the sale, the insider now directly owns 46,765 shares in the company, valued at approximately $387,214.20. This represents a 15.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings 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 valued at $4,205,000 after purchasing an additional 247,863 shares in the last quarter. Bank of New York Mellon Corp boosted its position in ORIC Pharmaceuticals by 62.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock valued at $1,318,000 after buying an additional 71,394 shares during the last quarter. Creative Planning bought a new position in ORIC Pharmaceuticals in the 3rd quarter valued at $116,000. Franklin Resources Inc. increased its stake in shares of 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 buying an additional 196,804 shares during the period. Finally, Monaco Asset Management SAM raised its position in shares of ORIC Pharmaceuticals by 132.0% during the second quarter. Monaco Asset Management SAM now owns 301,650 shares of the company’s stock worth $2,133,000 after acquiring an additional 171,650 shares during the last quarter. 95.05% of the stock is owned by institutional investors.

About ORIC Pharmaceuticals

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.