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

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

Analyst Ratings Changes

ORIC has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday, January 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Finally, Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an “overweight” rating and a $20.00 price target for the company. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Down 4.6 %

The firm has a market capitalization of $676.06 million, a price-to-earnings ratio of -5.32 and a beta of 1.18. The firm’s 50 day moving average is $9.00 and its 200 day moving average is $9.48.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released 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). On average, sell-side analysts predict that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Activity at ORIC Pharmaceuticals

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 completion of the sale, the insider now owns 46,765 shares in the company, valued at approximately $387,214.20. This represents a 15.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dominic Piscitelli sold 8,851 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 transaction of $73,286.28. Following the completion of the transaction, the chief financial officer now owns 106,764 shares in the company, valued at approximately $884,005.92. This represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in ORIC Pharmaceuticals by 3.8% in 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 during the period. Victory Capital Management Inc. increased its stake in ORIC Pharmaceuticals by 4.1% in the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock valued at $1,022,000 after buying an additional 3,900 shares during the period. Profund Advisors LLC increased its stake in shares of ORIC Pharmaceuticals by 23.6% during the 2nd quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock worth $155,000 after purchasing an additional 4,175 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares during the last quarter. Finally, Verition Fund Management LLC increased its stake in shares of ORIC Pharmaceuticals by 25.6% during the 3rd quarter. Verition Fund Management LLC now owns 42,980 shares of the company’s stock worth $441,000 after purchasing an additional 8,752 shares during 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.