ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 4.9% - Here's What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) was down 4.9% during trading on Friday . The stock traded as low as $7.20 and last traded at $7.15. Approximately 138,822 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 584,957 shares. The stock had previously closed at $7.51.

Analyst Ratings Changes

ORIC has been the topic of several recent analyst reports. Guggenheim restated a "buy" rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. HC Wainwright restated a "buy" rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Friday, February 21st. JPMorgan Chase & Co. lifted their price objective on ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Cantor Fitzgerald restated an "overweight" rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Thursday, March 20th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $18.86.

ORIC Pharmaceuticals Stock Down 4.9 %

The company's fifty day moving average is $9.05 and its 200 day moving average is $9.21. The stock has a market cap of $497.90 million, a PE ratio of -3.85 and a beta of 1.25.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of ORIC Pharmaceuticals by 6.9% in the 4th quarter. Wellington Management Group LLP now owns 186,430 shares of the company's stock worth $1,504,000 after acquiring an additional 12,042 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of ORIC Pharmaceuticals by 54.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,579 shares of the company's stock valued at $287,000 after acquiring an additional 12,545 shares in the last quarter. Two Sigma Advisers LP lifted its position in ORIC Pharmaceuticals by 14.3% in the fourth quarter. Two Sigma Advisers LP now owns 66,500 shares of the company's stock worth $537,000 after purchasing an additional 8,300 shares during the period. Tema Etfs LLC bought a new position in ORIC Pharmaceuticals during the 4th quarter valued at $367,000. Finally, Sphera Funds Management LTD. increased its position in shares of ORIC Pharmaceuticals by 112.8% during the 4th quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company's stock valued at $2,205,000 after purchasing an additional 144,817 shares during the period. 95.05% of the stock is currently owned by institutional investors.

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.