ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 6.9% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 6.9% during mid-day trading on Thursday . The stock traded as low as $9.37 and last traded at $9.56. Approximately 274,106 shares traded hands during trading, a decline of 47% from the average daily volume of 516,152 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

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

ORIC Pharmaceuticals Price Performance

The business’s fifty day moving average is $9.72 and its 200-day moving average is $9.33. The firm has a market cap of $622.87 million, a PE ratio of -4.93 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results 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). Analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

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