ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 8.8% – Here’s Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price traded down 8.8% during trading on Wednesday . The company 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.

Analyst Upgrades and Downgrades

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

ORIC Pharmaceuticals Price Performance

The firm has a market cap of $599.82 million, a PE ratio of -4.72 and a beta of 1.18. The stock has a 50-day moving average price of $9.08 and a 200 day moving average price of $9.39.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, equities research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Buying and Selling at ORIC Pharmaceuticals

In related news, CEO Jacob Chacko sold 24,660 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the transaction, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at $6,447,205.44. This represents a 3.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pratik S. Multani sold 8,850 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the sale, the insider now directly owns 46,765 shares in the company, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,361 shares of company stock valued at $350,749 in the last three months. Corporate insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ORIC. JPMorgan Chase & Co. boosted its position in shares of ORIC Pharmaceuticals by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company’s stock worth $361,000 after buying an additional 1,279 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in ORIC Pharmaceuticals by 162.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after acquiring an additional 3,188 shares in the last quarter. Victory Capital Management Inc. boosted its position in ORIC Pharmaceuticals by 4.1% during the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock worth $1,022,000 after acquiring an additional 3,900 shares during the period. Profund Advisors LLC grew its stake in ORIC Pharmaceuticals by 23.6% during the 2nd 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. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after purchasing an additional 5,646 shares during the period. 95.05% of the stock is 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.