Oric Pharmaceuticals (NASDAQ:ORIC) Trading Down 6.7% – Here’s Why

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) shares dropped 6.7% during trading on Wednesday . The stock traded as low as $11.23 and last traded at $11.2590. Approximately 138,920 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,642,432 shares. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ORIC shares. Wolfe Research began coverage on Oric Pharmaceuticals in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Thursday, January 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Oric Pharmaceuticals in a research report on Friday, March 13th. Oppenheimer reiterated an “outperform” rating and set a $15.00 price target on shares of Oric Pharmaceuticals in a report on Tuesday, February 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Oric Pharmaceuticals from $17.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 18th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Oric Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $20.20.

Oric Pharmaceuticals Trading Down 6.5%

The firm has a fifty day simple moving average of $11.48 and a 200 day simple moving average of $11.27. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -7.42 and a beta of 1.28.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. On average, equities analysts expect that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Dominic Piscitelli sold 52,000 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $13.51, for a total value of $702,520.00. Following the completion of the transaction, the chief financial officer owned 68,148 shares of the company’s stock, valued at $920,679.48. This represents a 43.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in Oric Pharmaceuticals by 26.0% in the 4th 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 in the last quarter. California State Teachers Retirement System raised its stake in Oric Pharmaceuticals by 3.9% during the fourth quarter. California State Teachers Retirement System now owns 33,959 shares of the company’s stock worth $278,000 after acquiring an additional 1,270 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Oric Pharmaceuticals by 2.9% during the second quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,000 shares of the company’s stock valued at $497,000 after acquiring an additional 1,358 shares during the period. ProShare Advisors LLC boosted its stake in shares of Oric Pharmaceuticals by 12.9% in the 3rd quarter. ProShare Advisors LLC now owns 13,383 shares of the company’s stock valued at $161,000 after purchasing an additional 1,527 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Oric Pharmaceuticals by 1.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 128,649 shares of the company’s stock worth $1,042,000 after purchasing an additional 1,985 shares during the last quarter. 95.05% of the stock is currently owned by institutional investors.

Oric Pharmaceuticals Company Profile

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.