Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 6.7% – Should You Sell?

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 6.7% on Wednesday . The company traded as low as $11.23 and last traded at $11.2590. Approximately 138,920 shares were traded during trading, a decline of 92% from the average daily volume of 1,642,432 shares. The stock had previously closed at $12.07.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Citigroup boosted their price target on Oric Pharmaceuticals from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Oric Pharmaceuticals in a research report on Friday, March 13th. Evercore initiated coverage on shares of Oric Pharmaceuticals in a research note on Thursday, November 20th. They set an “outperform” rating and a $25.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Oric Pharmaceuticals in a report on Monday, March 9th. Eleven equities 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.20.

Oric Pharmaceuticals Stock Up 2.2%

The firm has a market capitalization of $1.11 billion, a PE ratio of -7.30 and a beta of 1.28. The stock has a 50-day moving average price of $11.57 and a 200 day moving average price of $11.27.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. As a group, equities analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Dominic Piscitelli sold 52,000 shares of Oric Pharmaceuticals stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $13.51, for a total value of $702,520.00. Following the sale, the chief financial officer owned 68,148 shares in the company, valued at $920,679.48. This trade represents a 43.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vivo Capital LLC raised its holdings in shares of Oric Pharmaceuticals by 50.3% during the second quarter. Vivo Capital LLC now owns 3,126,604 shares of the company’s stock valued at $31,735,000 after acquiring an additional 1,046,154 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Oric Pharmaceuticals by 3,646.1% in the second quarter. JPMorgan Chase & Co. now owns 1,335,448 shares of the company’s stock valued at $13,555,000 after acquiring an additional 1,299,799 shares in the last quarter. Alkeon Capital Management LLC boosted its stake in shares of Oric Pharmaceuticals by 12.5% in the second quarter. Alkeon Capital Management LLC now owns 4,504,096 shares of the company’s stock worth $45,717,000 after acquiring an additional 500,000 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Oric Pharmaceuticals by 521.2% in the third quarter. Royce & Associates LP now owns 1,458,483 shares of the company’s stock worth $17,502,000 after acquiring an additional 1,223,709 shares during the last quarter. Finally, Resolute Capital Asset Partners LLC purchased a new stake in shares of Oric Pharmaceuticals during the second quarter worth approximately $2,309,000. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.