Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down Following Analyst Downgrade

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped down before the market opened on Wednesday after Wedbush lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $12.67, but opened at $10.25. Wedbush currently has an outperform rating on the stock. Oric Pharmaceuticals shares last traded at $9.2510, with a volume of 2,218,391 shares changing hands.

ORIC has been the topic of several other research reports. Citigroup lifted their target price on Oric Pharmaceuticals from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research report on Thursday, January 22nd. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Oric Pharmaceuticals in a research note on Friday, March 13th. Wells Fargo & Company lifted their price objective on shares of Oric Pharmaceuticals from $19.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, December 8th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $15.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Oric Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $19.90.

Insider Activity

In related news, CFO Dominic Piscitelli sold 52,000 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $13.51, for a total transaction of $702,520.00. Following the completion of the sale, the chief financial officer directly owned 68,148 shares of the company’s stock, valued at approximately $920,679.48. This trade represents a 43.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ORIC. Mirae Asset Global Investments Co. Ltd. grew its stake in Oric Pharmaceuticals by 26.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock valued at $39,000 after purchasing an additional 977 shares during the period. California State Teachers Retirement System raised its stake in shares of Oric Pharmaceuticals by 3.9% during the 4th quarter. California State Teachers Retirement System now owns 33,959 shares of the company’s stock worth $278,000 after purchasing an additional 1,270 shares during the period. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Oric Pharmaceuticals by 2.9% during the 2nd quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,000 shares of the company’s stock worth $497,000 after purchasing an additional 1,358 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Oric Pharmaceuticals by 12.9% in the 3rd quarter. ProShare Advisors LLC now owns 13,383 shares of the company’s stock worth $161,000 after buying an additional 1,527 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Oric Pharmaceuticals by 1.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 128,649 shares of the company’s stock worth $1,042,000 after buying an additional 1,985 shares during the last quarter. Institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Stock Down 27.0%

The company has a market cap of $928.03 million, a P/E ratio of -6.06 and a beta of 1.28. The company’s 50-day moving average is $11.72 and its two-hundred day moving average is $11.34.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Monday, February 23rd. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. On average, analysts anticipate that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.