Palumbo Wealth Management LLC Takes Position in Oric Pharmaceuticals, Inc. $ORIC

Key Points

• Palumbo Wealth Management LLC has acquired a new position in Oric Pharmaceuticals, purchasing 46,783 shares valued at approximately $475,000, representing 0.05% ownership of the company.
• Several hedge funds, including BNP Paribas Financial Markets and ProShare Advisors LLC, have also recently invested in Oric Pharmaceuticals, contributing to institutional investors holding a total of 95.05% of the company's stock.
• Recent analyst reports have shown varied sentiment about the stock, with eight analysts issuing "Buy" ratings and a consensus target price of $17.29, while ORIC shares recently opened at $10.46.

Palumbo Wealth Management LLC bought a new position in Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 46,783 shares of the company's stock, valued at approximately $475,000. Palumbo Wealth Management LLC owned 0.05% of Oric Pharmaceuticals as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of ORIC. BNP Paribas Financial Markets purchased a new position in Oric Pharmaceuticals during the fourth quarter worth $71,000. Arizona State Retirement System bought a new stake in Oric Pharmaceuticals in the first quarter worth about $56,000. Hsbc Holdings PLC purchased a new position in shares of Oric Pharmaceuticals during the first quarter valued at approximately $102,000. Legato Capital Management LLC purchased a new position in shares of Oric Pharmaceuticals during the first quarter valued at approximately $109,000. Finally, ProShare Advisors LLC boosted its holdings in Oric Pharmaceuticals by 30.9% during the 4th quarter. ProShare Advisors LLC now owns 20,683 shares of the company's stock valued at $167,000 after acquiring an additional 4,881 shares during the period. Hedge funds and other institutional investors own 95.05% of the company's stock.

Analyst Upgrades and Downgrades

ORIC has been the topic of a number of recent analyst reports. HC Wainwright reduced their target price on Oric Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, August 14th. Guggenheim assumed coverage on shares of Oric Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $18.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Zacks Research raised shares of Oric Pharmaceuticals to a "hold" rating in a research report on Tuesday, August 12th. Finally, LADENBURG THALM/SH SH assumed coverage on Oric Pharmaceuticals in a report on Tuesday, July 8th. They issued a "buy" rating and a $15.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.29.

Oric Pharmaceuticals Trading Down 0.2%

Shares of NASDAQ:ORIC opened at $10.46 on Thursday. The company has a market capitalization of $1.02 billion, a PE ratio of -5.53 and a beta of 1.63. Oric Pharmaceuticals, Inc. has a 12-month low of $3.90 and a 12-month high of $14.67. The business's fifty day simple moving average is $10.39 and its 200-day simple moving average is $8.34.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its quarterly earnings data 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). Research analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Insider Activity at Oric Pharmaceuticals

In related news, CEO Jacob Chacko sold 125,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $10.80, for a total transaction of $1,350,000.00. Following the completion of the sale, the chief executive officer owned 656,419 shares of the company's stock, valued at $7,089,325.20. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.82% of the stock is currently owned by company insiders.

Oric Pharmaceuticals Company 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.

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