Oric Pharmaceuticals, Inc. $ORIC Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC sold 40,554 shares of Oric Pharmaceuticals, decreasing their holdings by 18.5% and currently owns 178,722 shares worth approximately $997,000.
• Research firms have shown a mix of enthusiasm for Oric Pharmaceuticals with 8 analysts rating it as a "Buy" and one as a "Hold," giving it a consensus average price target of $17.29.
• In recent insider trading, Director Angie You bought 26,597 shares at $9.39 each, while CFO Dominic Piscitelli sold 32,466 shares, indicating varying levels of confidence among company insiders.

Fred Alger Management LLC reduced its position in Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Free Report) by 18.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,722 shares of the company's stock after selling 40,554 shares during the quarter. Fred Alger Management LLC owned 0.25% of Oric Pharmaceuticals worth $997,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in shares of Oric Pharmaceuticals in the fourth quarter valued at about $71,000. Arizona State Retirement System bought a new position in Oric Pharmaceuticals in the first quarter worth about $56,000. Janus Henderson Group PLC bought a new position in Oric Pharmaceuticals in the fourth quarter worth about $118,000. Hsbc Holdings PLC bought a new position in Oric Pharmaceuticals in the first quarter worth about $102,000. Finally, Legato Capital Management LLC bought a new position in Oric Pharmaceuticals in the first quarter worth about $109,000. 95.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. Guggenheim assumed coverage on shares of Oric Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $18.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. LADENBURG THALM/SH SH assumed coverage on shares of Oric Pharmaceuticals in a report on Tuesday, July 8th. They issued a "buy" rating and a $15.00 target price for the company. Finally, Zacks Research upgraded shares of Oric Pharmaceuticals to a "hold" rating in a report on Tuesday, August 12th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.29.

Oric Pharmaceuticals Stock Performance

Shares of NASDAQ ORIC traded up $0.05 during mid-day trading on Monday, reaching $10.83. The company's stock had a trading volume of 330,499 shares, compared to its average volume of 1,086,931. The stock has a 50-day moving average of $10.43 and a two-hundred day moving average of $8.19. The stock has a market capitalization of $1.05 billion, a P/E ratio of -5.73 and a beta of 1.63. Oric Pharmaceuticals, Inc. has a 1-year low of $3.90 and a 1-year high of $14.67.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). Analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Insider Buying and Selling at Oric Pharmaceuticals

In related news, Director Angie You acquired 26,597 shares of Oric Pharmaceuticals stock in a transaction that occurred on Friday, June 20th. The shares were purchased at an average cost of $9.39 per share, for a total transaction of $249,745.83. Following the acquisition, the director owned 26,597 shares in the company, valued at approximately $249,745.83. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Dominic Piscitelli sold 32,466 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $10.50, for a total transaction of $340,893.00. Following the completion of the sale, the chief financial officer owned 68,317 shares in the company, valued at approximately $717,328.50. This trade represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.55% of the stock is owned by insiders.

Oric Pharmaceuticals Profile

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.