ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 5.6% – Here’s Why

Shares of ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 5.6% on Tuesday . The company traded as low as $7.95 and last traded at $7.90. Approximately 306,326 shares traded hands during trading, a decline of 75% from the average daily volume of 1,210,882 shares. The stock had previously closed at $8.36.

Analyst Ratings Changes

ORIC has been the subject of a number of research analyst reports. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research note on Monday, January 13th. Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a report on Monday, February 10th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.71.

ORIC Pharmaceuticals Price Performance

The stock’s fifty day simple moving average is $9.29 and its 200-day simple moving average is $9.50. The firm has a market cap of $527.16 million, a PE ratio of -4.10 and a beta of 1.21.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. Analysts expect that ORIC Pharmaceuticals, Inc. will post -2.16 earnings per share for the current year.

Insider Buying and Selling

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 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 $73,278.00. Following the sale, the insider now directly owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares in the company, valued at $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares during the period. Barclays PLC grew its position in shares of ORIC Pharmaceuticals by 111.2% during the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after acquiring an additional 56,474 shares during the period. Franklin Resources Inc. grew its position in shares of ORIC Pharmaceuticals by 26.1% during the 3rd quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after acquiring an additional 196,804 shares during the period. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at about $116,000. Finally, JPMorgan Chase & Co. grew its holdings in ORIC Pharmaceuticals by 3.8% in the third 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 period. Institutional investors and hedge funds own 95.05% of the company’s stock.

About ORIC Pharmaceuticals

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.