ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down - Here's Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $8.19, but opened at $8.00. ORIC Pharmaceuticals shares last traded at $8.19, with a volume of 10,113 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ORIC shares. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Tuesday, November 12th. Stifel Nicolaus started coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They issued a "buy" rating and a $20.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, November 4th. Wells Fargo & Company started coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They issued an "overweight" rating and a $20.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $18.29.

ORIC Pharmaceuticals Stock Up 2.0 %

The stock has a market cap of $589.23 million, a P/E ratio of -4.64 and a beta of 1.13. The company's 50 day moving average price is $9.16 and its 200-day moving average price is $9.32.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its earnings results 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). Equities research analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Activity at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 24,660 shares of the business's stock in a transaction that occurred on Monday, December 16th. The stock was 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 of the company's stock, valued at approximately $6,447,205.44. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dominic Piscitelli sold 8,851 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,286.28. Following the sale, the chief financial officer now directly owns 106,764 shares of the company's stock, valued at approximately $884,005.92. This trade represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,361 shares of company stock worth $350,749 over the last ninety days. Insiders own 5.55% of the company's stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in shares of ORIC Pharmaceuticals by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 35,251 shares of the company's stock worth $361,000 after purchasing an additional 1,279 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ORIC Pharmaceuticals by 162.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company's stock valued at $36,000 after acquiring an additional 3,188 shares during the period. Victory Capital Management Inc. increased its holdings in shares of ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company's stock valued at $1,022,000 after acquiring an additional 3,900 shares in the last quarter. Profund Advisors LLC lifted its holdings in shares of ORIC Pharmaceuticals by 23.6% in the 2nd quarter. Profund Advisors LLC now owns 21,861 shares of the company's stock worth $155,000 after purchasing an additional 4,175 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in ORIC Pharmaceuticals by 71.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company's stock valued at $139,000 after purchasing an additional 5,646 shares during the period. 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.