Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 7.4% – Here’s What Happened

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) were down 7.4% during mid-day trading on Friday. The stock traded as low as $7.89 and last traded at $7.8690. Approximately 378,951 shares traded hands during trading, a decline of 78% from the average daily volume of 1,713,605 shares. The stock had previously closed at $8.50.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ORIC. HC Wainwright raised their price target on shares of Oric Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. BTIG Research reaffirmed a “buy” rating and set a $26.00 price objective on shares of Oric Pharmaceuticals in a research report on Wednesday, October 28th. Wedbush dropped their price objective on shares of Oric Pharmaceuticals from $17.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 27th. Wall Street Zen raised shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Finally, Stifel Nicolaus lifted their target price on Oric Pharmaceuticals from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.25.

Oric Pharmaceuticals Trading Down 6.4%

The stock has a market capitalization of $824.54 million, a price-to-earnings ratio of -5.89 and a beta of 1.23. The firm has a 50-day moving average of $11.65 and a 200 day moving average of $11.03.

Insider Activity at Oric Pharmaceuticals

In other news, CFO Dominic Piscitelli sold 77,000 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the transaction, the chief financial officer directly owned 69,828 shares of the company’s stock, valued at approximately $955,945.32. This trade represents a 52.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 105,000 shares of company stock worth $1,432,952 over the last quarter. 5.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Oric Pharmaceuticals

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Oric Pharmaceuticals during the 2nd quarter worth about $73,904,000. Siren L.L.C. lifted its stake in shares of Oric Pharmaceuticals by 197.6% in the 1st quarter. Siren L.L.C. now owns 2,998,192 shares of the company’s stock worth $37,987,000 after acquiring an additional 1,990,617 shares during the period. Algert Global LLC boosted its holdings in shares of Oric Pharmaceuticals by 791.3% in the second quarter. Algert Global LLC now owns 1,215,293 shares of the company’s stock valued at $13,162,000 after acquiring an additional 1,078,943 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Oric Pharmaceuticals in the second quarter valued at approximately $11,675,000. Finally, Defilade Capital Management L.P. acquired a new position in shares of Oric Pharmaceuticals during the first quarter valued at approximately $10,680,000. Institutional investors and hedge funds own 95.05% of the company’s stock.

About Oric Pharmaceuticals

Oric Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Its research centers on therapies intended to address treatment resistance and improve outcomes for people with tumors that have become difficult to treat. The company’s drug candidates have included ORIC-114, a targeted therapy designed to inhibit EGFR and HER2 alterations, and ORIC-944, which targets the PRC2 pathway and has been investigated for prostate cancer. These programs are investigational and are not approved medicines.