ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 3.4% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) shares traded down 3.4% during trading on Tuesday . The stock traded as low as $8.00 and last traded at $8.05. 40,944 shares were traded during mid-day trading, a decline of 92% from the average session volume of 498,727 shares. The stock had previously closed at $8.33.

Wall Street Analyst Weigh In

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

ORIC Pharmaceuticals Price Performance

The stock has a market capitalization of $574.42 million, a price-to-earnings ratio of -4.52 and a beta of 1.13. The stock’s 50 day simple moving average is $9.22 and its 200-day simple moving average is $9.34.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) 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 fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ORIC. Charles Schwab Investment Management Inc. increased its holdings in shares of ORIC Pharmaceuticals by 152.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock worth $4,205,000 after purchasing an additional 247,863 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ORIC Pharmaceuticals by 62.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 186,484 shares of the company’s stock worth $1,318,000 after acquiring an additional 71,394 shares during the period. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter worth approximately $116,000. Franklin Resources Inc. increased its position in shares of ORIC Pharmaceuticals by 26.1% during the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock valued at $9,067,000 after purchasing an additional 196,804 shares during the period. Finally, Monaco Asset Management SAM raised its stake in shares of ORIC Pharmaceuticals by 132.0% in the second quarter. Monaco Asset Management SAM now owns 301,650 shares of the company’s stock valued at $2,133,000 after purchasing an additional 171,650 shares in the last quarter. 95.05% of the stock is currently 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.