Citigroup Lowers Oric Pharmaceuticals (NASDAQ:ORIC) Price Target to $16.00

Key Points

• Citigroup lowered its price target on Oric Pharmaceuticals from $17 to $16 while keeping a "buy" rating, a level the report says implies roughly a 73% upside versus the stock's recent price (ORIC traded at $9.25, down ~4% on the day).
• Oric missed quarterly expectations, reporting EPS of ($0.34) versus the consensus ($0.31) miss, yet the analyst consensus remains a "Moderate Buy" with an average price target of $19.80 (11 Buys, 2 Holds, 1 Sell).
• CFO Dominic Piscitelli sold 52,000 shares (a 43% reduction in his holdings); insiders own 5.55% of the stock while institutional investors hold about 95.05%, with firms like Goldman and UBS recently increasing positions.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) had its target price dropped by stock analysts at Citigroup from $17.00 to $16.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 73.03% from the stock's current price.

Several other equities research analysts also recently weighed in on ORIC. Oppenheimer restated an "outperform" rating and issued a $15.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Wall Street Zen upgraded shares of Oric Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Wedbush lowered their price objective on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Piper Sandler initiated coverage on shares of Oric Pharmaceuticals in a research note on Wednesday, January 7th. They set an "overweight" rating and a $22.00 price objective for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Oric Pharmaceuticals in a research note on Tuesday, April 21st. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.80.

Oric Pharmaceuticals Stock Down 4.0%

ORIC stock traded down $0.38 during trading on Tuesday, hitting $9.25. 563,239 shares of the company's stock traded hands, compared to its average volume of 1,838,661. The firm has a market capitalization of $957.25 million, a P/E ratio of -6.08 and a beta of 1.11. The business has a fifty day simple moving average of $11.26 and a two-hundred day simple moving average of $11.02. Oric Pharmaceuticals has a 1 year low of $4.52 and a 1 year high of $14.93.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.03). On average, equities research analysts predict that Oric Pharmaceuticals will post -1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 52,000 shares of Oric Pharmaceuticals stock in a transaction on 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 approximately $920,679.48. The trade was a 43.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.55% of the company's stock.

Institutional Trading of Oric Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ORIC. AQR Capital Management LLC purchased a new stake in shares of Oric Pharmaceuticals during the first quarter worth about $276,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Oric Pharmaceuticals by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company's stock worth $226,000 after acquiring an additional 3,131 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Oric Pharmaceuticals by 9.2% during the first quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company's stock worth $1,645,000 after acquiring an additional 24,778 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Oric Pharmaceuticals by 1,331.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,179 shares of the company's stock worth $2,841,000 after acquiring an additional 473,600 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in Oric Pharmaceuticals by 56.0% during the first quarter. Jane Street Group LLC now owns 31,198 shares of the company's stock worth $174,000 after acquiring an additional 11,198 shares during the last quarter. Hedge funds and other institutional investors own 95.05% of the company's stock.

About Oric Pharmaceuticals

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.

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