HC Wainwright Lowers Oric Pharmaceuticals (NASDAQ:ORIC) Price Target to $19.00

Key Points

• Oric Pharmaceuticals' price target has been reduced by HC Wainwright from $22.00 to $19.00, while still maintaining a "buy" rating, indicating a potential upside of 93.29% from its previous close.
• Several analysts have varied opinions on the stock, with consensus ratings leaning towards a "buy" and an average price target of $18.25.
• CFO Dominic Piscitelli sold 32,466 shares of the company's stock, indicating a significant reduction in his ownership, while Director Angie You purchased 26,597 shares.

Oric Pharmaceuticals (NASDAQ:ORIC - Free Report) had its price objective cut by HC Wainwright from $22.00 to $19.00 in a report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. Wedbush reaffirmed an "outperform" rating and set a $20.00 target price on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. LADENBURG THALM/SH SH initiated coverage on shares of Oric Pharmaceuticals in a report on Tuesday, July 8th. They issued a "buy" rating and a $15.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Oric Pharmaceuticals in a report on Tuesday, May 6th. Oppenheimer decreased their price target on shares of Oric Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Finally, Guggenheim reissued a "buy" rating and issued a $18.00 price target on shares of Oric Pharmaceuticals in a report on Wednesday, August 13th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Oric Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $17.63.

Oric Pharmaceuticals Stock Down 3.1%

Oric Pharmaceuticals stock traded down $0.3090 during midday trading on Thursday, hitting $9.5910. 345,030 shares of the stock were exchanged, compared to its average volume of 1,108,632. Oric Pharmaceuticals has a 52-week low of $3.90 and a 52-week high of $14.67. The stock has a market capitalization of $931.48 million, a price-to-earnings ratio of -5.06 and a beta of 1.69. The business's 50-day moving average price is $10.30 and its 200-day moving average price is $8.06.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last released its 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). On average, sell-side analysts predict that Oric Pharmaceuticals will post -2.17 earnings per share for the current fiscal year.

Insider Transactions at Oric Pharmaceuticals

In related news, Director Angie You purchased 26,597 shares of Oric Pharmaceuticals stock in a transaction dated Friday, June 20th. The stock was purchased at an average cost of $9.39 per share, for a total transaction of $249,745.83. Following the completion of the purchase, the director directly owned 26,597 shares of the company's stock, valued at $249,745.83. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Dominic Piscitelli sold 32,466 shares of Oric Pharmaceuticals stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.50, for a total transaction of $340,893.00. Following the completion of the sale, the chief financial officer owned 68,317 shares of the company's stock, valued at $717,328.50. This represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,000 shares of company stock valued at $416,289. 5.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Oric Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alkeon Capital Management LLC lifted its holdings in shares of Oric Pharmaceuticals by 12.5% in the second quarter. Alkeon Capital Management LLC now owns 4,504,096 shares of the company's stock worth $45,717,000 after buying an additional 500,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Oric Pharmaceuticals by 0.4% during the first quarter. Vanguard Group Inc. now owns 3,215,887 shares of the company's stock valued at $17,945,000 after purchasing an additional 12,098 shares in the last quarter. Vivo Capital LLC raised its stake in Oric Pharmaceuticals by 50.3% during the second quarter. Vivo Capital LLC now owns 3,126,604 shares of the company's stock valued at $31,735,000 after purchasing an additional 1,046,154 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in Oric Pharmaceuticals during the fourth quarter valued at $13,982,000. Finally, MPM Bioimpact LLC raised its stake in Oric Pharmaceuticals by 23.6% during the second quarter. MPM Bioimpact LLC now owns 1,729,378 shares of the company's stock valued at $17,553,000 after purchasing an additional 329,864 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.