ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 8.8% – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares were down 8.8% on Wednesday . The stock traded as low as $8.38 and last traded at $8.41. Approximately 377,016 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 760,251 shares. The stock had previously closed at $9.22.

Analyst Upgrades and Downgrades

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

ORIC Pharmaceuticals Stock Performance

The company has a market capitalization of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.18. The company has a 50-day moving average price of $9.08 and a 200-day moving average price of $9.39.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued 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, sell-side analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals 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 sale, the chief executive officer now owns 778,648 shares of the company’s stock, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the company’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 of the company’s stock, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,361 shares of company stock valued at $350,749. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in shares of 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 worth $1,318,000 after purchasing an additional 71,394 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after buying an additional 3,188 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of ORIC Pharmaceuticals by 53.7% during the 2nd quarter. Rhumbline Advisers now owns 92,702 shares of the company’s stock worth $655,000 after buying an additional 32,402 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of ORIC Pharmaceuticals by 8.3% in the 2nd quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock valued at $678,000 after acquiring an additional 7,310 shares in the last quarter. Finally, Quest Partners LLC grew its stake in shares of ORIC Pharmaceuticals by 253.2% in the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after buying an additional 7,440 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.