Fred Alger Management LLC Sells 40,554 Shares of Oric Pharmaceuticals, Inc. $ORIC

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 decreased its holdings in shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Free Report) by 18.5% during the 1st quarter, according to the company in its most recent 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 period. Fred Alger Management LLC owned 0.25% of Oric Pharmaceuticals worth $997,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in Oric Pharmaceuticals in the fourth quarter valued at approximately $71,000. Arizona State Retirement System bought a new stake in shares of Oric Pharmaceuticals in the 1st quarter valued at $56,000. Janus Henderson Group PLC acquired a new position in shares of Oric Pharmaceuticals during the 4th quarter valued at $118,000. Hsbc Holdings PLC bought a new position in Oric Pharmaceuticals during the first quarter worth $102,000. Finally, Legato Capital Management LLC acquired a new stake in Oric Pharmaceuticals in the first quarter worth $109,000. 95.05% of the stock is currently owned by institutional investors.

Oric Pharmaceuticals Price Performance

ORIC opened at $10.91 on Wednesday. Oric Pharmaceuticals, Inc. has a 1 year low of $3.90 and a 1 year high of $14.67. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -5.77 and a beta of 1.63. The firm's fifty day moving average price is $10.43 and its two-hundred day moving average price is $8.13.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.01). As a group, equities analysts anticipate that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ORIC. Guggenheim initiated coverage on shares of Oric Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $18.00 price objective on the stock. Zacks Research raised Oric Pharmaceuticals to a "hold" rating in a research note on Tuesday, August 12th. LADENBURG THALM/SH SH began coverage on Oric Pharmaceuticals in a report on Tuesday, July 8th. They set a "buy" rating and a $15.00 price objective for the company. HC Wainwright reduced their price target on shares of Oric Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, August 14th. Finally, Wedbush restated an "outperform" rating and set a $20.00 price objective on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.29.

Insider Buying and Selling at Oric Pharmaceuticals

In other Oric Pharmaceuticals news, Director Angie You acquired 26,597 shares of Oric Pharmaceuticals stock in a transaction on Friday, June 20th. The stock was purchased at an average price of $9.39 per share, for a total transaction of $249,745.83. Following the purchase, the director directly owned 26,597 shares of the company's stock, valued at $249,745.83. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Dominic Piscitelli sold 32,466 shares of the 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 transaction, the chief financial officer owned 68,317 shares of the company's stock, valued at approximately $717,328.50. The trade was a 32.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 33,800 shares of company stock worth $354,233. Insiders own 5.55% of the company's stock.

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.

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