Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 7.4% - Here's Why

Key Points

• Oric shares fell 7.4% on Friday, closing near $7.87 after ending the prior session at $8.50; trading volume was 78% below its average.
• Analyst views were mostly positive but mixed on price targets: 14 analysts rated the stock Buy, and the consensus was Moderate Buy with an average target of $21.25.
• Company insiders sold 105,000 shares worth about $1.43 million over the past quarter; CFO Dominic Piscitelli’s 77,000-share sale was made under a pre-arranged trading plan.

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) dropped 7.4% during trading on Friday. The company traded as low as $7.89 and last traded at $7.8690. Approximately 378,951 shares traded hands during trading, a decline of 78% from the average daily volume of 1,713,605 shares. The stock had previously closed at $8.50.

Analyst Ratings Changes

Several brokerages recently issued reports on ORIC. Wall Street Zen raised Oric Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Wedbush dropped their price target on Oric Pharmaceuticals from $17.00 to $14.00 and set an "outperform" rating for the company in a research report on Tuesday, October 27th. HC Wainwright lifted their price target on Oric Pharmaceuticals from $25.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Stifel Nicolaus boosted their price objective on shares of Oric Pharmaceuticals from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, October 26th. Finally, BTIG Research reissued a "buy" rating and issued a $26.00 price objective on shares of Oric Pharmaceuticals in a research note on Wednesday, October 28th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $21.25.

Oric Pharmaceuticals Trading Down 6.4%

The firm has a market capitalization of $824.54 million, a PE ratio of -5.89 and a beta of 1.23. The firm has a 50-day moving average of $11.65 and a two-hundred day moving average of $11.03.

Insider Buying and Selling

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 77,000 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $13.69, for a total value of $1,054,130.00. Following the completion of the transaction, the chief financial officer owned 69,828 shares in the company, valued at $955,945.32. This represents a 52.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 105,000 shares of company stock worth $1,432,952. Insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new position in Oric Pharmaceuticals during the 2nd quarter valued at $899,000. Defilade Capital Management L.P. acquired a new position in Oric Pharmaceuticals during the 1st quarter worth $10,680,000. Squarepoint Ops LLC bought a new stake in shares of Oric Pharmaceuticals in the 2nd quarter worth about $3,729,000. Blue Owl Capital Holdings LP bought a new stake in shares of Oric Pharmaceuticals in the 2nd quarter worth about $4,332,000. Finally, Bank of America Corp DE acquired a new stake in shares of Oric Pharmaceuticals in the 2nd quarter valued at about $11,675,000. 95.05% of the stock is owned by institutional investors and hedge funds.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Its research centers on therapies intended to address treatment resistance and improve outcomes for people with tumors that have become difficult to treat. The company's drug candidates have included ORIC-114, a targeted therapy designed to inhibit EGFR and HER2 alterations, and ORIC-944, which targets the PRC2 pathway and has been investigated for prostate cancer. These programs are investigational and are not approved medicines.

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