ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 5.2% – Time to Sell?

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) were down 5.2% during trading on Monday . The stock traded as low as $8.73 and last traded at $8.92. Approximately 92,096 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 517,284 shares. The stock had previously closed at $9.41.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research report on Monday. Oppenheimer decreased their price objective on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Stifel Nicolaus assumed coverage on ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Tuesday, September 10th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Stock Performance

The firm’s fifty day simple moving average is $9.73 and its 200-day simple moving average is $9.25. The stock has a market cap of $660.98 million, a P/E ratio of -4.99 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). Analysts predict that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. NEA Management Company LLC bought a new stake in ORIC Pharmaceuticals during the first quarter valued at $20,625,000. Price T Rowe Associates Inc. MD raised its position in ORIC Pharmaceuticals by 140.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock worth $21,543,000 after purchasing an additional 915,175 shares during the period. Vanguard Group Inc. lifted its stake in shares of ORIC Pharmaceuticals by 27.9% in the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock valued at $39,628,000 after acquiring an additional 629,536 shares during the last quarter. Millennium Management LLC grew its holdings in shares of ORIC Pharmaceuticals by 297.4% in the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock worth $5,531,000 after purchasing an additional 585,447 shares during the last quarter. Finally, First Turn Management LLC increased its position in shares of ORIC Pharmaceuticals by 38.1% in the second quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock valued at $10,718,000 after acquiring an additional 418,389 shares during the period. Institutional investors 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.