Oric Pharmaceuticals (NASDAQ:ORIC) Posts Earnings Results, Misses Expectations 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 analysts' consensus estimates of ($0.46) by ($0.01), Zacks reports.

Oric Pharmaceuticals Stock Up 3.5%

Shares of Oric Pharmaceuticals stock traded up $0.32 during trading on Tuesday, hitting $9.52. 489,998 shares of the stock traded hands, compared to its average volume of 1,121,556. The stock has a market cap of $811.29 million, a price-to-earnings ratio of -5.09 and a beta of 1.69. The firm's fifty day moving average is $10.24 and its 200-day moving average is $8.10. Oric Pharmaceuticals has a 52 week low of $3.90 and a 52 week high of $14.67.

Insider Activity

In other news, CFO Dominic Piscitelli sold 32,466 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $10.50, for a total transaction of $340,893.00. Following the transaction, the chief financial officer directly owned 68,317 shares in the company, valued at approximately $717,328.50. This represents a 32.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Angie You acquired 26,597 shares of Oric Pharmaceuticals stock in a transaction dated Friday, June 20th. The shares were purchased at an average price of $9.39 per share, for a total transaction of $249,745.83. Following the completion of the transaction, the director directly owned 26,597 shares in the company, valued at approximately $249,745.83. The trade was 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 worth $416,289 over the last quarter. Corporate insiders own 5.55% of the company's stock.

Hedge Funds Weigh In On Oric Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Oric Pharmaceuticals by 1,331.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,179 shares of the company's stock worth $2,841,000 after acquiring an additional 473,600 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Oric Pharmaceuticals by 9.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company's stock worth $1,645,000 after acquiring an additional 24,778 shares during the last quarter. AQR Capital Management LLC bought a new position in Oric Pharmaceuticals during the 1st quarter worth approximately $276,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Oric Pharmaceuticals by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company's stock worth $226,000 after acquiring an additional 3,131 shares during the last quarter. Finally, Jane Street Group LLC grew its position in Oric Pharmaceuticals by 56.0% during the 1st quarter. Jane Street Group LLC now owns 31,198 shares of the company's stock worth $174,000 after acquiring an additional 11,198 shares during the last quarter. 95.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on ORIC shares. HC Wainwright reiterated a "buy" rating and set a $21.00 price objective on shares of Oric Pharmaceuticals in a research note on Monday, May 5th. LADENBURG THALM/SH SH started coverage on Oric Pharmaceuticals in a research note on Tuesday, July 8th. They issued a "buy" rating and a $15.00 target price on the stock. Oppenheimer decreased their target price on Oric Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Wedbush restated an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Monday, June 23rd. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Oric Pharmaceuticals in a research note on Tuesday, May 6th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $18.57.

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.

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