ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 6.3%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s stock price fell 6.3% on Monday . The stock traded as low as $12.83 and last traded at $12.89. 76,605 shares were traded during mid-day trading, a decline of 86% from the average session volume of 557,930 shares. The stock had previously closed at $13.75.

Analysts Set New Price Targets

ORIC has been the subject of several recent analyst reports. Cantor Fitzgerald initiated coverage on shares of ORIC Pharmaceuticals in a research note on Friday, February 23rd. They issued an "overweight" rating for the company. JPMorgan Chase & Co. reduced their price objective on shares of ORIC Pharmaceuticals from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Wednesday, March 27th. Wedbush raised their price objective on shares of ORIC Pharmaceuticals from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Finally, HC Wainwright lifted their target price on shares of ORIC Pharmaceuticals from $15.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, March 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals has a consensus rating of "Buy" and an average price target of $19.80.

ORIC Pharmaceuticals Price Performance

The business's 50-day moving average price is $12.72 and its two-hundred day moving average price is $9.36. The firm has a market cap of $871.22 million, a price-to-earnings ratio of -6.59 and a beta of 1.04.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.49) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.49). As a group, sell-side analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.76 earnings per share for the current year.

Insider Activity at ORIC Pharmaceuticals

In related news, CEO Jacob Chacko sold 13,958 shares of the business's stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $12.12, for a total value of $169,170.96. Following the completion of the sale, the chief executive officer now directly owns 794,586 shares in the company, valued at $9,630,382.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.34% of the stock is owned by insiders.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several institutional investors have recently bought and sold shares of ORIC. Swiss National Bank grew its stake in ORIC Pharmaceuticals by 7.6% during the first quarter. Swiss National Bank now owns 60,600 shares of the company's stock worth $324,000 after buying an additional 4,300 shares during the period. JPMorgan Chase & Co. grew its stake in ORIC Pharmaceuticals by 23.9% during the first quarter. JPMorgan Chase & Co. now owns 19,654 shares of the company's stock worth $105,000 after buying an additional 3,794 shares during the period. Acadian Asset Management LLC purchased a new position in shares of ORIC Pharmaceuticals in the first quarter valued at $29,000. Vanguard Group Inc. boosted its stake in shares of ORIC Pharmaceuticals by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,644,019 shares of the company's stock valued at $8,779,000 after purchasing an additional 13,981 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of ORIC Pharmaceuticals by 733.1% in the first quarter. Renaissance Technologies LLC now owns 219,100 shares of the company's stock valued at $1,170,000 after purchasing an additional 192,800 shares during the period. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

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.