Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 7.5% – Here’s What Happened

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 7.5% during trading on Wednesday . The stock traded as low as $8.56 and last traded at $8.44. Approximately 580,245 shares traded hands during trading, a decline of 50% from the average daily volume of 1,170,444 shares. The stock had previously closed at $9.12.

Analyst Upgrades and Downgrades

ORIC has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research report on Wednesday, October 8th. Guggenheim initiated coverage on Oric Pharmaceuticals in a report on Thursday, September 4th. They issued a “buy” rating and a $18.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Oric Pharmaceuticals in a report on Monday, December 8th. Evercore ISI initiated coverage on Oric Pharmaceuticals in a research note on Thursday, November 20th. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, Oppenheimer upped their price objective on shares of Oric Pharmaceuticals from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, November 14th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.67.

Oric Pharmaceuticals Price Performance

The firm’s fifty day moving average is $12.06 and its 200 day moving average is $10.99. The firm has a market capitalization of $823.43 million, a price-to-earnings ratio of -4.89 and a beta of 1.32.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Thursday, November 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.08. Equities research analysts forecast that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Insider Transactions at Oric Pharmaceuticals

In related news, CEO Jacob Chacko sold 125,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $10.80, for a total value of $1,350,000.00. Following the transaction, the chief executive officer owned 656,419 shares in the company, valued at approximately $7,089,325.20. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Dominic Piscitelli sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $14.52, for a total transaction of $159,720.00. Following the transaction, the chief financial officer directly owned 48,317 shares in the company, valued at approximately $701,562.84. The trade was a 18.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 261,000 shares of company stock worth $3,024,703 in the last 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Oric Pharmaceuticals by 0.4% in the first quarter. Vanguard Group Inc. now owns 3,215,887 shares of the company’s stock worth $17,945,000 after purchasing an additional 12,098 shares in the last quarter. Swiss National Bank lifted its position in shares of Oric Pharmaceuticals by 9.6% in the first quarter. Swiss National Bank now owns 68,400 shares of the company’s stock worth $382,000 after buying an additional 6,000 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Oric Pharmaceuticals by 68.7% during the 1st quarter. Invesco Ltd. now owns 40,419 shares of the company’s stock worth $226,000 after acquiring an additional 16,461 shares in the last quarter. Nuveen LLC acquired a new position in shares of Oric Pharmaceuticals during the 1st quarter valued at about $935,000. Finally, American Century Companies Inc. raised its stake in shares of Oric Pharmaceuticals by 4.4% in the 1st quarter. American Century Companies Inc. now owns 112,628 shares of the company’s stock valued at $628,000 after acquiring an additional 4,766 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.