Oric Pharmaceuticals (NASDAQ:ORIC) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Oric reported quarterly EPS of ($0.34), missing estimates by $0.03; the stock traded down to $9.63 after the release and the company has a market cap of about $996.9 million.
• Analyst sentiment is mostly positive with 11 Buys, 2 Holds and 1 Sell, giving a consensus rating of "Moderate Buy" and a consensus target price of $19.90.
• CFO Dominic Piscitelli sold 52,000 shares at an average $13.51 (reducing his stake by ~43%), while insiders own 5.55% and institutional investors own about 95.05% of the stock.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) posted its quarterly earnings results on Monday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.03), FiscalAI reports.

Oric Pharmaceuticals Price Performance

Oric Pharmaceuticals stock traded down $0.14 during trading hours on Monday, hitting $9.63. The company had a trading volume of 1,052,266 shares, compared to its average volume of 1,850,234. The firm has a market capitalization of $996.90 million, a P/E ratio of -6.34 and a beta of 1.11. The firm's fifty day moving average is $11.26 and its 200-day moving average is $11.02. Oric Pharmaceuticals has a fifty-two week low of $4.52 and a fifty-two week high of $14.93.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ORIC. Wall Street Zen raised Oric Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Piper Sandler initiated coverage on shares of Oric Pharmaceuticals in a research note on Wednesday, January 7th. They issued an "overweight" rating and a $22.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $25.00 price objective on shares of Oric Pharmaceuticals in a research note on Thursday, April 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Oric Pharmaceuticals in a research note on Monday, March 9th. Finally, Wedbush dropped their price objective on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.90.

Insiders Place Their Bets

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 52,000 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $13.51, for a total value of $702,520.00. Following the transaction, the chief financial officer owned 68,148 shares in the company, valued at approximately $920,679.48. This represents a 43.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.55% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC acquired a new position in shares of Oric Pharmaceuticals during the 4th quarter worth $102,000. Invesco Ltd. increased its stake in shares of Oric Pharmaceuticals by 19.8% during the 4th quarter. Invesco Ltd. now owns 109,742 shares of the company's stock worth $898,000 after purchasing an additional 18,128 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Oric Pharmaceuticals during the 4th quarter worth $904,000. VARCOV Co. acquired a new position in shares of Oric Pharmaceuticals during the 4th quarter worth $262,000. Finally, Virtus Investment Advisers LLC increased its stake in shares of Oric Pharmaceuticals by 141.0% during the 4th quarter. Virtus Investment Advisers LLC now owns 28,361 shares of the company's stock worth $232,000 after purchasing an additional 16,594 shares during the last quarter. Institutional investors and hedge funds own 95.05% of the company's stock.

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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