ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down Following Insider Selling

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $9.39, but opened at $9.11. ORIC Pharmaceuticals shares last traded at $9.18, with a volume of 63,895 shares trading hands.

Specifically, CFO Dominic Piscitelli sold 2,976 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $10.01, for a total transaction of $29,789.76. Following the completion of the transaction, the chief financial officer now owns 102,117 shares in the company, valued at $1,022,191.17. This trade represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Dominic Piscitelli sold 2,600 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $10.01, for a total transaction of $26,026.00. Following the transaction, the chief financial officer now owns 104,164 shares of the company's stock, valued at $1,042,681.64. This represents a 2.44% decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ORIC shares. Wedbush restated an "outperform" rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a research report on Thursday, May 29th. Guggenheim reaffirmed a "buy" rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Oppenheimer lowered their target price on shares of ORIC Pharmaceuticals from $15.00 to $12.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals has a consensus rating of "Buy" and an average target price of $19.17.

ORIC Pharmaceuticals Price Performance

The firm's 50 day moving average is $6.15 and its 200 day moving average is $7.68. The company has a market capitalization of $820.71 million, a PE ratio of -5.29 and a beta of 1.49.

ORIC Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.09. As a group, analysts predict that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ORIC. KLP Kapitalforvaltning AS purchased a new position in shares of ORIC Pharmaceuticals in the fourth quarter worth $50,000. Arizona State Retirement System bought a new stake in ORIC Pharmaceuticals in the first quarter valued at $56,000. BNP Paribas Financial Markets bought a new stake in ORIC Pharmaceuticals in the fourth quarter valued at $71,000. Hsbc Holdings PLC bought a new stake in ORIC Pharmaceuticals in the first quarter valued at $102,000. Finally, PNC Financial Services Group Inc. boosted its holdings in ORIC Pharmaceuticals by 22.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company's stock valued at $109,000 after acquiring an additional 2,520 shares in the last quarter. 95.05% of the stock is 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.