Oric Pharmaceuticals (NASDAQ:ORIC) Trading Down 6.8% – Here’s Why

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price fell 6.8% during trading on Wednesday . The company traded as low as $10.97 and last traded at $11.2850. 592,162 shares changed hands during trading, a decline of 67% from the average session volume of 1,798,275 shares. The stock had previously closed at $12.11.

Analyst Upgrades and Downgrades

ORIC has been the topic of several recent analyst reports. Oppenheimer raised their target price on shares of Oric Pharmaceuticals from $12.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, November 14th. JPMorgan Chase & Co. upped their price objective on shares of Oric Pharmaceuticals from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 18th. Wells Fargo & Company upped their target price on Oric Pharmaceuticals from $19.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, December 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Thursday, January 22nd. Finally, Wall Street Zen cut Oric Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, November 23rd. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.90.

Oric Pharmaceuticals Stock Performance

The company’s fifty day simple moving average is $10.05 and its two-hundred day simple moving average is $10.92.

Oric Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.08. Equities analysts forecast that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Insider Activity

In related news, insider Pratik S. Multani sold 10,720 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $97,123.20. Following the transaction, the insider directly owned 68,149 shares of the company’s stock, valued at $617,429.94. This trade represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Dominic Piscitelli sold 10,720 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $9.06, for a total value of $97,123.20. Following the completion of the transaction, the chief financial officer owned 68,148 shares in the company, valued at $617,420.88. The trade was a 13.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,814 shares of company stock worth $496,615 over the last quarter. Insiders own 6.82% of the company’s stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in Oric Pharmaceuticals by 17,300.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,436 shares of the company’s stock worth $25,000 after acquiring an additional 2,422 shares during the last quarter. Assetmark Inc. bought a new position in Oric Pharmaceuticals in the 3rd quarter valued at $37,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Oric Pharmaceuticals by 26.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock valued at $39,000 after buying an additional 977 shares during the period. ANTIPODES PARTNERS Ltd boosted its position in shares of Oric Pharmaceuticals by 35.9% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 5,194 shares of the company’s stock valued at $53,000 after acquiring an additional 1,372 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Oric Pharmaceuticals during the third quarter valued at approximately $60,000. Institutional investors own 95.05% of the company’s stock.

About Oric Pharmaceuticals

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.