ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 4.9% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price dropped 4.9% during mid-day trading on Friday . The stock traded as low as $7.20 and last traded at $7.15. Approximately 138,822 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 584,957 shares. The stock had previously closed at $7.51.

Wall Street Analysts Forecast Growth

ORIC has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Guggenheim reaffirmed a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. JPMorgan Chase & Co. raised their price objective on ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $18.86.

ORIC Pharmaceuticals Trading Down 8.1 %

The stock has a 50 day moving average of $9.09 and a 200-day moving average of $9.26. The stock has a market capitalization of $490.09 million, a P/E ratio of -3.84 and a beta of 1.25.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, February 18th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. Research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of ORIC Pharmaceuticals by 152.7% in the 3rd 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 increased its holdings in shares of ORIC Pharmaceuticals by 111.2% in the 3rd 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 during the period. Franklin Resources Inc. increased its holdings 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 valued at $9,067,000 after acquiring an additional 196,804 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of 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 acquiring an additional 1,279 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of 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 during the period. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

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.