ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 9.4%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) was down 9.4% during trading on Monday . The company traded as low as $8.58 and last traded at $8.80. Approximately 165,313 shares traded hands during trading, a decline of 70% from the average daily volume of 543,995 shares. The stock had previously closed at $9.71.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Oppenheimer reiterated an “outperform” rating and issued a $17.00 price objective on shares of ORIC Pharmaceuticals in a research report on Wednesday, July 10th. Citigroup cut their price target on ORIC Pharmaceuticals from $15.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of ORIC Pharmaceuticals in a report on Wednesday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Thursday, June 20th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Wednesday, July 17th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.50.

ORIC Pharmaceuticals Stock Performance

The business’s 50-day simple moving average is $8.90 and its 200-day simple moving average is $10.43. The company has a market capitalization of $598.03 million, a price-to-earnings ratio of -5.39 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.07. On average, analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.68 earnings per share for the current year.

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds have recently modified their holdings of ORIC. Victory Capital Management Inc. lifted its holdings in ORIC Pharmaceuticals by 8.3% during the second quarter. Victory Capital Management Inc. now owns 95,850 shares of the company’s stock worth $678,000 after acquiring an additional 7,310 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of ORIC Pharmaceuticals by 53.7% during the 2nd quarter. Rhumbline Advisers now owns 92,702 shares of the company’s stock valued at $655,000 after purchasing an additional 32,402 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ORIC Pharmaceuticals by 162.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock valued at $36,000 after purchasing an additional 3,188 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of ORIC Pharmaceuticals by 62.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock valued at $1,318,000 after purchasing an additional 71,394 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in ORIC Pharmaceuticals during the 2nd quarter worth approximately $724,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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.