Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down - What's Next?

Key Points

• Oric gapped down about 18.3% premarket, opening at $11.81 after a $13.71 close and last trading around $12.16 on roughly 1.06 million shares (market cap ~$1.12B).
• Wall Street remains largely positive with a consensus rating of Moderate Buy (11 Buys, 2 Holds, 1 Sell) and an average price target of $20.20; the company recently beat quarterly EPS estimates (‑$0.30 vs. ‑$0.34) but is forecasted to post about ‑2.17 EPS for the year.
• Insider selling has been notable—106,814 shares (~$1.2M) sold in the last 90 days including the CFO’s 52,000-share sale—while institutional/hedge fund ownership is very high at about 95%.

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $13.71, but opened at $11.81. Oric Pharmaceuticals shares last traded at $12.16, with a volume of 1,060,719 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Evercore began coverage on Oric Pharmaceuticals in a research note on Thursday, November 20th. They set an "outperform" rating and a $25.00 price objective for the company. Oppenheimer restated an "outperform" rating and issued a $15.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Wall Street Zen raised Oric Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Finally, HC Wainwright boosted their price objective on Oric Pharmaceuticals from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.20.

Oric Pharmaceuticals Trading Down 18.3%

The stock has a market capitalization of $1.12 billion, a PE ratio of -7.37 and a beta of 1.28. The business has a fifty day moving average price of $10.92 and a 200-day moving average price of $11.16.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.34) by $0.04. On average, equities analysts anticipate that Oric Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

Insider Activity

In other Oric Pharmaceuticals news, insider Pratik S. Multani sold 10,720 shares of the company's stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $97,123.20. Following the completion of the sale, the insider directly owned 68,149 shares in the company, valued at $617,429.94. This represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Dominic Piscitelli sold 52,000 shares of the firm's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $13.51, for a total value of $702,520.00. Following the transaction, the chief financial officer directly owned 68,148 shares in the company, valued at $920,679.48. This trade represents a 43.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 106,814 shares of company stock valued at $1,199,135. Corporate insiders own 6.82% of the company's stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. 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. lifted its position in Oric Pharmaceuticals by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company's stock valued at $226,000 after purchasing an additional 3,131 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Oric Pharmaceuticals by 9.2% during the first quarter. Goldman Sachs Group Inc. now owns 294,784 shares of the company's stock valued at $1,645,000 after purchasing an additional 24,778 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Oric Pharmaceuticals by 1,331.1% during 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 during the period. Finally, Jane Street Group LLC grew its holdings in shares of Oric Pharmaceuticals by 56.0% in the first quarter. Jane Street Group LLC now owns 31,198 shares of the company's stock worth $174,000 after purchasing an additional 11,198 shares during the last quarter. 95.05% of the stock is currently owned by hedge funds and other institutional investors.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company's pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.

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