Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 5.2% After Earnings Miss

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) were down 5.2% during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $10.49 and last traded at $10.4980. 854,494 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,776,787 shares. The stock had previously closed at $11.07.

The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.02).

Analysts Set New Price Targets

Several brokerages have recently weighed in on ORIC. Benchmark reiterated a “buy” rating on shares of Oric Pharmaceuticals in a research note on Monday, June 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Friday, July 17th. Stifel Nicolaus began coverage on Oric Pharmaceuticals in a research report on Friday, June 12th. They issued a “buy” rating and a $14.00 price objective on the stock. Wall Street Zen raised Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, The Goldman Sachs Group raised Oric Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Friday, May 15th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Institutional Trading of Oric Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Federation des caisses Desjardins du Quebec grew its holdings in shares of Oric Pharmaceuticals by 100.0% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,000 shares of the company’s stock valued at $33,000 after purchasing an additional 2,000 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Oric Pharmaceuticals by 184.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,528 shares of the company’s stock valued at $37,000 after purchasing an additional 2,936 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Oric Pharmaceuticals by 26.0% during the fourth 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 in the last quarter. Russell Investments Group Ltd. bought a new position in Oric Pharmaceuticals during the third quarter valued at $60,000. Finally, CANADA LIFE ASSURANCE Co bought a new position in Oric Pharmaceuticals during the third quarter valued at $65,000. Institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Trading Down 4.2%

The firm has a market capitalization of $1.34 billion, a PE ratio of -8.97 and a beta of 1.02. The business’s 50 day simple moving average is $9.87 and its 200 day simple moving average is $10.43.

About Oric Pharmaceuticals

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.