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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped down prior to trading on Monday . The stock had previously closed at $8.52, but opened at $8.28. ORIC Pharmaceuticals shares last traded at $8.45, with a volume of 131,461 shares trading hands.

Analyst Upgrades and Downgrades

ORIC has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Tuesday, November 12th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, November 4th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Finally, Stifel Nicolaus started coverage on shares of ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Price Performance

The stock has a 50-day moving average price of $9.35 and a 200 day moving average price of $9.37. The firm has a market cap of $582.18 million, a PE ratio of -4.58 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its 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). 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, insider Pratik S. Multani sold 8,850 shares of the firm’s 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 in the company, valued at approximately $387,214.20. This trade represents a 15.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jacob Chacko sold 24,660 shares of the company’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 $204,184.80. Following the completion of the transaction, the chief executive officer now owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,361 shares of company stock valued at $350,749. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ORIC Pharmaceuticals by 162.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after purchasing an additional 3,188 shares in the last quarter. Quest Partners LLC grew its position in shares of ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after acquiring an additional 7,440 shares in the last quarter. Creative Planning bought a new stake in shares of ORIC Pharmaceuticals in the 3rd quarter valued at approximately $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at approximately $132,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in ORIC Pharmaceuticals by 71.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after purchasing an additional 5,646 shares during the last quarter. Institutional investors and hedge funds 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.