ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 7.8% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares were down 7.8% during trading on Thursday . The stock traded as low as $10.10 and last traded at $10.02. Approximately 263,012 shares changed hands during trading, a decline of 67% from the average daily volume of 792,414 shares. The stock had previously closed at $10.87.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ORIC shares. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Trading Down 4.6 %

The business’s fifty day moving average price is $9.00 and its 200 day moving average price is $9.48. The company has a market capitalization of $676.06 million, a P/E ratio of -5.32 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). Equities research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current year.

Insider Transactions at ORIC Pharmaceuticals

In related news, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $204,184.80. Following the completion of the sale, the chief executive officer now owns 778,648 shares in the company, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The sale 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 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 owns 46,765 shares of the company’s stock, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,361 shares of company stock valued at $350,749. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alkeon Capital Management LLC increased its position in ORIC Pharmaceuticals by 2.6% in the 3rd quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock valued at $40,017,000 after acquiring an additional 100,000 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in ORIC Pharmaceuticals by 6.4% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,354,508 shares of the company’s stock valued at $13,884,000 after acquiring an additional 80,986 shares in the last quarter. Geode Capital Management LLC increased its position in ORIC Pharmaceuticals by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company’s stock valued at $13,056,000 after acquiring an additional 50,821 shares in the last quarter. Franklin Resources Inc. increased its position 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 acquiring an additional 196,804 shares in the last quarter. Finally, Millennium Management LLC increased its position in ORIC Pharmaceuticals by 297.4% in the 2nd quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after acquiring an additional 585,447 shares in the last quarter. Institutional investors and hedge funds 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.