ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 5.6% - Here's Why

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) was down 5.6% during mid-day trading on Tuesday . The stock traded as low as $7.95 and last traded at $7.90. Approximately 306,326 shares changed hands during trading, a decline of 75% from the average daily volume of 1,210,882 shares. The stock had previously closed at $8.36.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ORIC shares. Guggenheim reiterated a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Monday, February 10th. Wedbush reiterated an "outperform" rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a report on Monday, January 13th. JPMorgan Chase & Co. increased their price objective on shares of ORIC Pharmaceuticals from $19.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, February 6th. Cantor Fitzgerald reiterated an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company began coverage on shares of ORIC Pharmaceuticals in a research note on Thursday, October 31st. They set an "overweight" rating and a $20.00 target price for the company. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $18.71.

ORIC Pharmaceuticals Stock Performance

The company's fifty day moving average price is $9.27 and its 200-day moving average price is $9.49. The stock has a market cap of $545.51 million, a P/E ratio of -4.22 and a beta of 1.21.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.01. Analysts anticipate that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $73,278.00. Following the transaction, the insider now owns 46,765 shares of the company's stock, valued at $387,214.20. The trade was a 15.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Dominic Piscitelli sold 8,851 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 transaction of $73,286.28. Following the sale, the chief financial officer now directly owns 106,764 shares in the company, valued at approximately $884,005.92. This represents a 7.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,361 shares of company stock worth $350,749. 5.55% of the stock is currently owned by corporate insiders.

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning purchased a new stake in ORIC Pharmaceuticals during the third quarter worth $116,000. Hennion & Walsh Asset Management Inc. lifted its holdings in ORIC Pharmaceuticals by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 137,962 shares of the company's stock valued at $1,414,000 after purchasing an additional 35,528 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake 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 worth $139,000 after buying an additional 5,646 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of ORIC Pharmaceuticals by 4.1% in the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company's stock worth $1,022,000 after buying an additional 3,900 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ORIC Pharmaceuticals in the third quarter worth about $132,000. Institutional investors and hedge funds own 95.05% of the company's stock.

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.