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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report)'s share price gapped down before the market opened 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 business's stock in a transaction dated Wednesday, June 11th. The stock was 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 of the company's stock, valued at approximately $1,022,191.17. The trade was a 2.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dominic Piscitelli sold 2,600 shares of ORIC Pharmaceuticals stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $10.01, for a total value of $26,026.00. Following the sale, the chief financial officer now directly owns 104,164 shares in the company, valued at approximately $1,042,681.64. This trade represents a 2.44% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

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

ORIC Pharmaceuticals Stock Performance

The firm's 50-day simple moving average is $6.04 and its 200 day simple moving average is $7.71. The stock has a market capitalization of $687.42 million, a P/E ratio of -5.31 and a beta of 1.49.

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

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in ORIC Pharmaceuticals by 34.0% in the fourth quarter. Bank of America Corp DE now owns 112,520 shares of the company's stock valued at $908,000 after purchasing an additional 28,570 shares during the last quarter. Dimensional Fund Advisors LP raised its position in ORIC Pharmaceuticals by 16.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 717,188 shares of the company's stock worth $5,788,000 after purchasing an additional 103,237 shares during the last quarter. Wellington Management Group LLP lifted its holdings in ORIC Pharmaceuticals by 6.9% during the 4th quarter. Wellington Management Group LLP now owns 186,430 shares of the company's stock worth $1,504,000 after buying an additional 12,042 shares during the period. Sphera Funds Management LTD. grew its position in shares of ORIC Pharmaceuticals by 112.8% in the 4th quarter. Sphera Funds Management LTD. now owns 273,213 shares of the company's stock valued at $2,205,000 after buying an additional 144,817 shares during the last quarter. Finally, Diadema Partners LP acquired a new stake in shares of ORIC Pharmaceuticals in the fourth quarter valued at about $1,729,000. 95.05% of the stock is currently owned by 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.