Oric Pharmaceuticals (NASDAQ:ORIC) Stock Falls 7.4% – Time to Sell?

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price was down 7.4% on Friday. The company traded as low as $7.89 and last traded at $7.8690. 378,951 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,713,605 shares. The stock had previously closed at $8.50.

Analyst Upgrades and Downgrades

ORIC has been the subject of several research reports. Wedbush reduced their price target on shares of Oric Pharmaceuticals from $17.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, October 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Thursday, October 15th. Wall Street Zen raised shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Leerink Partners initiated coverage on shares of Oric Pharmaceuticals in a research note on Monday, October 5th. They issued an “outperform” rating and a $26.00 target price on the stock. Finally, HC Wainwright boosted their target price on shares of Oric Pharmaceuticals from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Oric Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.25.

Oric Pharmaceuticals Price Performance

The firm has a market capitalization of $814.69 million, a PE ratio of -5.82 and a beta of 1.23. The company’s fifty day simple moving average is $11.56 and its 200 day simple moving average is $11.01.

Insider Activity

In related news, CFO Dominic Piscitelli sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $13.53, for a total transaction of $189,420.00. Following the sale, the chief financial officer directly owned 69,828 shares in the company, valued at approximately $944,772.84. This represents a 16.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 105,000 shares of company stock valued at $1,432,952 over the last 90 days. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Oric Pharmaceuticals during the second quarter worth $73,904,000. Siren L.L.C. grew its position in shares of Oric Pharmaceuticals by 197.6% in the first quarter. Siren L.L.C. now owns 2,998,192 shares of the company’s stock valued at $37,987,000 after purchasing an additional 1,990,617 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Oric Pharmaceuticals by 19.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,471,290 shares of the company’s stock valued at $18,637,000 after purchasing an additional 244,060 shares in the last quarter. Bank of America Corp DE grew its position in shares of Oric Pharmaceuticals by 105.5% in the first quarter. Bank of America Corp DE now owns 1,043,159 shares of the company’s stock valued at $13,217,000 after purchasing an additional 535,649 shares in the last quarter. Finally, Algert Global LLC raised its stake in shares of Oric Pharmaceuticals by 791.3% during the 2nd quarter. Algert Global LLC now owns 1,215,293 shares of the company’s stock valued at $13,162,000 after purchasing an additional 1,078,943 shares during the period. Institutional investors own 95.05% of the company’s stock.

About Oric Pharmaceuticals

Oric Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Its research centers on therapies intended to address treatment resistance and improve outcomes for people with tumors that have become difficult to treat. The company’s drug candidates have included ORIC-114, a targeted therapy designed to inhibit EGFR and HER2 alterations, and ORIC-944, which targets the PRC2 pathway and has been investigated for prostate cancer. These programs are investigational and are not approved medicines.