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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price dropped 6.4% on Wednesday . The stock traded as low as $9.11 and last traded at $9.22. Approximately 198,116 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,126,301 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

ORIC has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Tuesday. Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Finally, Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average target price of $18.71.

ORIC Pharmaceuticals Stock Down 12.5 %

The company has a 50 day moving average price of $9.43 and a two-hundred day moving average price of $9.60.

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

Insider Activity

In other news, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now directly owns 46,765 shares in the company, valued at $387,214.20. The trade was a 15.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $204,184.80. Following the transaction, the chief executive officer now owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock valued at $350,749 in the last 90 days. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ORIC. KLP Kapitalforvaltning AS purchased a new position in ORIC Pharmaceuticals during the 4th quarter valued at approximately $50,000. PNC Financial Services Group Inc. grew its holdings in ORIC Pharmaceuticals by 22.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after buying an additional 2,520 shares in the last quarter. Creative Planning bought a new stake in shares of ORIC Pharmaceuticals in the 3rd quarter worth about $116,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of ORIC Pharmaceuticals by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,963 shares of the company’s stock worth $121,000 after buying an additional 1,395 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of ORIC Pharmaceuticals in the 3rd quarter worth about $132,000. Hedge funds and other institutional investors 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.