Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Target Cut by Wedbush

Oric Pharmaceuticals (NASDAQ:ORIC) had its price target dropped by stock analysts at Wedbush from $17.00 to $14.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush‘s price target would suggest a potential upside of 55.47% from the company’s current price.

Several other equities research analysts have also recently weighed in on ORIC. HC Wainwright upped their price objective on shares of Oric Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. raised their target price on shares of Oric Pharmaceuticals from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, October 14th. Leerink Partners assumed coverage on shares of Oric Pharmaceuticals in a report on Monday, October 5th. They issued an “outperform” rating and a $26.00 target price on the stock. Wall Street Zen upgraded shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Thursday, October 15th. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.25.

Oric Pharmaceuticals Stock Performance

NASDAQ:ORIC opened at $9.01 on Tuesday. The company has a market cap of $933.37 million, a price-to-earnings ratio of -6.71 and a beta of 0.99. Oric Pharmaceuticals has a fifty-two week low of $7.23 and a fifty-two week high of $14.68. The stock has a fifty day moving average price of $12.85 and a 200-day moving average price of $11.14.

Oric Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02). Research analysts predict that Oric Pharmaceuticals will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling at Oric Pharmaceuticals

In related news, CFO Dominic Piscitelli sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $13.53, for a total value of $189,420.00. Following the sale, the chief financial officer directly owned 69,828 shares of the company’s stock, valued at $944,772.84. This trade represents a 16.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 105,000 shares of company stock worth $1,432,952. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Oric Pharmaceuticals in the second quarter worth about $73,904,000. Siren L.L.C. grew its holdings in shares of Oric Pharmaceuticals by 197.6% during the 1st quarter. Siren L.L.C. now owns 2,998,192 shares of the company’s stock valued at $37,987,000 after purchasing an additional 1,990,617 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Oric Pharmaceuticals by 19.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,471,290 shares of the company’s stock valued at $18,637,000 after purchasing an additional 244,060 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Oric Pharmaceuticals by 105.5% during the 1st quarter. Bank of America Corp DE now owns 1,043,159 shares of the company’s stock valued at $13,217,000 after purchasing an additional 535,649 shares during the last quarter. Finally, Algert Global LLC increased its position in Oric Pharmaceuticals by 791.3% during the 2nd quarter. Algert Global LLC now owns 1,215,293 shares of the company’s stock worth $13,162,000 after purchasing an additional 1,078,943 shares in the last quarter. Institutional investors own 95.05% of the company’s stock.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc (NASDAQ: ORIC) is a clinical-stage biopharmaceutical company focused on developing medicines that overcome mechanisms of treatment resistance in cancer. The company uses its discovery platform to identify therapies intended to improve or restore the effectiveness of existing cancer treatments.

Oric’s pipeline has included ORIC-533, an oral small-molecule inhibitor of CD73 designed to block adenosine-mediated immunosuppression in the tumor microenvironment. The company has evaluated the program in hematologic malignancies, including multiple myeloma.