Oric Pharmaceuticals (NASDAQ:ORIC) Trading Down 5.4% – Here’s What Happened

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price fell 5.4% during trading on Monday . The stock traded as low as $10.96 and last traded at $11.0130. Approximately 1,073,050 shares traded hands during trading, a decline of 40% from the average session volume of 1,802,280 shares. The stock had previously closed at $11.64.

Analysts Set New Price Targets

Several brokerages have issued reports on ORIC. Stifel Nicolaus initiated coverage on shares of Oric Pharmaceuticals in a report on Friday, June 12th. They issued a “buy” rating and a $14.00 price target on the stock. Wedbush reduced their target price on Oric Pharmaceuticals from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Wall Street Zen downgraded Oric Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Saturday, May 9th. The Goldman Sachs Group upgraded Oric Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a report on Friday, May 15th. Finally, Citigroup decreased their price target on shares of Oric Pharmaceuticals from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Oric Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $18.92.

Oric Pharmaceuticals Trading Down 4.6%

The firm has a 50 day moving average of $8.91 and a two-hundred day moving average of $10.04. The company has a market cap of $1.15 billion, a PE ratio of -7.67 and a beta of 1.02.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Monday, May 4th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.03). On average, research analysts forecast that Oric Pharmaceuticals, Inc. will post -1.45 EPS for the current year.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of ORIC. Defilade Capital Management L.P. bought a new position in shares of Oric Pharmaceuticals in the first quarter worth approximately $10,680,000. Bank of America Corp DE increased its stake in shares of Oric Pharmaceuticals by 105.5% during the first quarter. Bank of America Corp DE now owns 1,043,159 shares of the company’s stock valued at $13,217,000 after acquiring an additional 535,649 shares during the period. California State Teachers Retirement System grew its position in Oric Pharmaceuticals by 42.4% in the first quarter. California State Teachers Retirement System now owns 48,369 shares of the company’s stock valued at $613,000 after acquiring an additional 14,410 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Oric Pharmaceuticals by 41.6% in the first quarter. The Manufacturers Life Insurance Company now owns 182,139 shares of the company’s stock valued at $2,308,000 after acquiring an additional 53,490 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in Oric Pharmaceuticals by 9.3% in the first quarter. Quantinno Capital Management LP now owns 25,526 shares of the company’s stock valued at $323,000 after buying an additional 2,170 shares during the period. 95.05% of the stock is currently owned by institutional investors.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.