Oric Pharmaceuticals (NASDAQ:ORIC) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Oric Pharmaceuticals reported a quarterly loss of ($0.47) EPS, falling short of analyst expectations of ($0.46) by $0.01.
• Despite the earnings miss, Oric Pharmaceuticals' stock rose 3.5% to $9.52, with 489,998 shares traded, which is below its average volume of 1,121,556.
• Insider trading activity includes CFO Dominic Piscitelli selling 32,466 shares and Director Angie You acquiring 26,597 shares, showing mixed sentiment among executives.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.01), Zacks reports.

Oric Pharmaceuticals Trading Down 2.7%

ORIC traded down $0.27 on Friday, hitting $9.66. 650,938 shares of the company's stock traded hands, compared to its average volume of 1,304,419. The company's 50 day simple moving average is $10.30 and its 200-day simple moving average is $8.06. Oric Pharmaceuticals has a one year low of $3.90 and a one year high of $14.67. The firm has a market cap of $938.18 million, a price-to-earnings ratio of -5.11 and a beta of 1.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ORIC shares. JPMorgan Chase & Co. cut 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. HC Wainwright cut their price target on Oric Pharmaceuticals from $22.00 to $19.00 and set a "buy" rating for the company in a report on Thursday. LADENBURG THALM/SH SH assumed coverage on Oric Pharmaceuticals in a report on Tuesday, July 8th. They set a "buy" rating and a $15.00 target price on the stock. Oppenheimer reduced their target price on Oric Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a report on Monday, June 23rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Oric Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $17.63.

Insiders Place Their Bets

In related news, CFO Dominic Piscitelli sold 32,466 shares of Oric Pharmaceuticals stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $10.50, for a total value of $340,893.00. Following the transaction, the chief financial officer owned 68,317 shares in the company, valued at approximately $717,328.50. This trade represents a 32.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Angie You acquired 26,597 shares of Oric Pharmaceuticals stock in a transaction dated Friday, June 20th. The shares were acquired at an average price of $9.39 per share, with a total value of $249,745.83. Following the completion of the transaction, the director owned 26,597 shares of the company's stock, valued at approximately $249,745.83. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $416,289 over the last 90 days. 5.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ORIC. MPM Bioimpact LLC lifted its stake in shares of Oric Pharmaceuticals by 23.6% in the second quarter. MPM Bioimpact LLC now owns 1,729,378 shares of the company's stock valued at $17,553,000 after buying an additional 329,864 shares in the last quarter. Eventide Asset Management LLC bought a new position in Oric Pharmaceuticals during the 2nd quarter valued at about $9,657,000. Orbimed Advisors LLC increased its holdings in Oric Pharmaceuticals by 28.5% in the 2nd quarter. Orbimed Advisors LLC now owns 899,281 shares of the company's stock worth $9,128,000 after acquiring an additional 199,281 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Oric Pharmaceuticals by 1,331.1% in the first 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 in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Oric Pharmaceuticals in the second quarter worth $3,709,000. Institutional investors and hedge funds own 95.05% of the company's stock.

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.