Orbimed Advisors LLC Reduces Stock Holdings in Oric Pharmaceuticals, Inc. $ORIC

Key Points

• Orbimed Advisors cut its Oric Pharmaceuticals stake by 26% in the first quarter, selling 947,827 shares and retaining 2.69 million shares worth approximately $34.1 million. Institutional investors collectively own 95.05% of the company.
• Oric shares opened at $12.10, compared with a 52-week range of $7.23 to $14.93. The company reported a quarterly loss of $0.34 per share, missing analyst expectations of a $0.31 loss.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $19.27, despite one sell rating. Oric is a clinical-stage oncology biotech developing treatments aimed at overcoming resistance to cancer therapies.

Orbimed Advisors LLC reduced its holdings in shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Free Report) by 26.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,693,929 shares of the company's stock after selling 947,827 shares during the period. Orbimed Advisors LLC owned approximately 2.60% of Oric Pharmaceuticals worth $34,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. 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. increased its holdings in shares of 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 valued at $226,000 after acquiring an additional 3,131 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Oric Pharmaceuticals by 9.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company's stock valued at $1,645,000 after purchasing an additional 24,778 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Oric Pharmaceuticals by 1,331.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,179 shares of the company's stock valued at $2,841,000 after purchasing an additional 473,600 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in Oric Pharmaceuticals by 56.0% in the 1st quarter. Jane Street Group LLC now owns 31,198 shares of the company's stock worth $174,000 after purchasing an additional 11,198 shares in the last quarter. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

Oric Pharmaceuticals Price Performance

Shares of NASDAQ ORIC opened at $12.10 on Monday. Oric Pharmaceuticals, Inc. has a 52 week low of $7.23 and a 52 week high of $14.93. The business's 50 day moving average price is $9.39 and its 200 day moving average price is $10.31. The firm has a market cap of $1.25 billion, a P/E ratio of -8.40 and a beta of 1.02.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.03). As a group, research analysts expect that Oric Pharmaceuticals, Inc. will post -1.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. The Goldman Sachs Group raised shares of Oric Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $15.00 target price on the stock in a research report on Friday, May 15th. Stifel Nicolaus initiated coverage on shares of Oric Pharmaceuticals in a report on Friday, June 12th. They issued a "buy" rating and a $14.00 price target for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Oric Pharmaceuticals in a research note on Friday, July 17th. Citigroup dropped their price objective on shares of Oric Pharmaceuticals from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, May 5th. Finally, Benchmark restated a "buy" rating on shares of Oric Pharmaceuticals in a research note on Monday, June 8th. Thirteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

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.

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