ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 6.4% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) was down 6.4% during mid-day trading on Wednesday . The company traded as low as $9.11 and last traded at $9.22. Approximately 198,116 shares were traded during trading, a decline of 82% from the average daily volume of 1,126,301 shares. The stock had previously closed at $9.85.

Analysts Set New Price Targets

A number of analysts recently issued reports on ORIC shares. HC Wainwright restated a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their target price on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $18.71.

ORIC Pharmaceuticals Trading Down 12.5 %

The business’s 50-day moving average price is $9.43 and its 200 day moving average price is $9.60.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates 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

In related news, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were 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 approximately $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Dominic Piscitelli sold 8,851 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,286.28. Following the sale, the chief financial officer now owns 106,764 shares in the company, valued at $884,005.92. The trade was a 7.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,361 shares of company stock worth $350,749. Insiders own 5.55% of the company’s stock.

Institutional Trading of ORIC Pharmaceuticals

A number of institutional investors have recently made changes to their positions in ORIC. 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 valued at $4,205,000 after acquiring an additional 247,863 shares during the period. Barclays PLC raised its holdings in shares of ORIC Pharmaceuticals by 111.2% during the third quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after acquiring an additional 56,474 shares in the last quarter. Franklin Resources Inc. lifted its holdings in ORIC Pharmaceuticals by 26.1% in the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock worth $9,067,000 after buying an additional 196,804 shares during the period. Creative Planning purchased a new stake in ORIC Pharmaceuticals in the third quarter worth about $116,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after buying an additional 1,279 shares in the last quarter. 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.