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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price was down 6.4% during mid-day trading on Wednesday . The stock traded as low as $9.11 and last traded at $9.22. Approximately 198,116 shares traded hands 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

ORIC has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Tuesday. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price objective 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, the company presently has an average rating of “Buy” and an average target price of $18.71.

ORIC Pharmaceuticals Price Performance

The company has a 50 day simple moving average of $9.43 and a 200-day simple moving average of $9.62. The stock has a market cap of $659.48 million, a P/E ratio of -5.19 and a beta of 1.21.

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

Insiders Place Their Bets

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of the firm’s stock in a transaction 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jacob Chacko sold 24,660 shares of the company’s 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 transaction, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,361 shares of company stock valued at $350,749 over the last three months. 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 company. Charles Schwab Investment Management Inc. boosted its stake in ORIC Pharmaceuticals by 152.7% during 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. Barclays PLC boosted its position in shares of ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock worth $1,100,000 after purchasing an additional 56,474 shares in the last quarter. Franklin Resources Inc. grew 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 worth $9,067,000 after buying an additional 196,804 shares during the last quarter. Creative Planning bought a new position in ORIC Pharmaceuticals during the 3rd quarter valued at approximately $116,000. Finally, JPMorgan Chase & Co. grew its stake in shares of ORIC Pharmaceuticals by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock worth $361,000 after acquiring an additional 1,279 shares during the last quarter. 95.05% of the stock is owned by hedge funds and other 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.