Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 4.6% – Here’s Why

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shares fell 4.6% on Tuesday. The company traded as low as $12.11 and last traded at $11.9120. 38,708 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,692,356 shares. The stock had previously closed at $12.49.

Analysts Set New Price Targets

A number of research firms have issued reports on ORIC. Leerink Partners started coverage on Oric Pharmaceuticals in a research note on Monday. They set an “outperform” rating and a $26.00 price target for the company. Wall Street Zen raised Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Friday, July 17th. Stifel Nicolaus began coverage on Oric Pharmaceuticals in a research report on Friday, June 12th. They set a “buy” rating and a $14.00 target price on the stock. Finally, BTIG Research assumed coverage on Oric Pharmaceuticals in a report on Wednesday, September 23rd. They set a “buy” rating and a $26.00 price target for the company. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Oric Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Oric Pharmaceuticals Price Performance

The firm’s fifty day moving average is $12.99 and its two-hundred day moving average is $10.87. The firm has a market capitalization of $1.25 billion, a PE ratio of -8.89 and a beta of 0.99.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.02). As a group, equities research analysts predict that Oric Pharmaceuticals, Inc. will post -1.53 EPS for the current fiscal year.

Insider Activity at Oric Pharmaceuticals

In related news, CFO Dominic Piscitelli sold 13,400 shares of Oric Pharmaceuticals stock in a transaction on Monday, September 28th. The stock was sold at an average price of $13.53, for a total transaction of $181,302.00. Following the sale, the chief financial officer directly owned 69,828 shares in the company, valued at approximately $944,772.84. This trade represents a 16.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 91,000 shares of company stock worth $1,243,532 over the last three months. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ORIC. Quantinno Capital Management LP raised its position in shares of Oric Pharmaceuticals by 9.3% in the first quarter. Quantinno Capital Management LP now owns 25,526 shares of the company’s stock worth $323,000 after buying an additional 2,170 shares in the last quarter. Bank of New York Mellon Corp grew its position in Oric Pharmaceuticals by 1.4% during the first quarter. Bank of New York Mellon Corp now owns 190,470 shares of the company’s stock worth $2,413,000 after buying an additional 2,549 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Oric Pharmaceuticals during the second quarter worth about $38,000. Quantbot Technologies LP bought a new position in Oric Pharmaceuticals in the 2nd quarter worth about $46,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Oric Pharmaceuticals by 17.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 63,470 shares of the company’s stock valued at $687,000 after acquiring an additional 9,231 shares in the last quarter. Institutional investors own 95.05% of the company’s stock.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc (NASDAQ: ORIC) is a clinical-stage biopharmaceutical company focused on developing therapies for cancer. The company’s research is centered on mechanisms that enable tumors to resist or evade treatment, with the goal of restoring sensitivity to established cancer therapies and improving patient outcomes.

Oric’s pipeline has included investigational small-molecule therapies designed to target cancer biology and treatment resistance. These programs include ORIC-533, an oral inhibitor of CD73 being studied in oncology, and ORIC-944, an oral allosteric inhibitor of EED, a component of the polycomb repressive complex 2.