ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 8.8% – Here’s What Happened

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) traded down 8.8% during mid-day trading on Wednesday . The stock traded as low as $8.38 and last traded at $8.41. 377,016 shares changed hands during trading, a decline of 50% from the average session volume of 760,251 shares. The stock had previously closed at $9.22.

Analysts Set New Price Targets

Several equities analysts have weighed in on ORIC shares. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Monday, September 23rd. Wells Fargo & Company started coverage on ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Tuesday, November 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday, November 4th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Trading Down 6.4 %

The business has a fifty day moving average of $9.04 and a 200-day moving average of $9.37. The firm has a market cap of $561.71 million, a PE ratio of -4.42 and a beta of 1.18.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current year.

Insider Buying and Selling at ORIC Pharmaceuticals

In other news, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction dated 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 directly owns 778,648 shares in the company, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,278.00. Following the completion of the sale, the insider now directly owns 46,765 shares of the company’s stock, valued at $387,214.20. This trade represents a 15.91 % 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 three months. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock valued at $361,000 after purchasing an additional 1,279 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock valued at $1,022,000 after buying an additional 3,900 shares during the period. Profund Advisors LLC raised its holdings in shares of ORIC Pharmaceuticals by 23.6% during the second quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock valued at $155,000 after acquiring an additional 4,175 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after acquiring an additional 5,646 shares during the period. Finally, Quest Partners LLC boosted its holdings in ORIC Pharmaceuticals by 253.2% in the second quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after acquiring an additional 7,440 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.