ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down - Time to Sell?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $8.52, but opened at $8.28. ORIC Pharmaceuticals shares last traded at $8.45, with a volume of 131,461 shares traded.

Analysts Set New Price Targets

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

ORIC Pharmaceuticals Trading Down 3.3 %

The firm has a market cap of $581.50 million, a price-to-earnings ratio of -4.58 and a beta of 1.13. The stock's fifty day moving average price is $9.38 and its 200-day moving average price is $9.37.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted 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). Analysts predict that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ORIC Pharmaceuticals by 162.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company's stock worth $36,000 after acquiring an additional 3,188 shares during the period. Quest Partners LLC raised its position in ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company's stock valued at $73,000 after purchasing an additional 7,440 shares during the last quarter. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the third quarter worth about $116,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $132,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company's stock valued at $139,000 after acquiring an additional 5,646 shares in the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

About ORIC Pharmaceuticals

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.