Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 13.7% - What's Next?

Key Points

• Oric Pharmaceuticals shares fell 13.7% to $11.37, with trading volume down 91% from its average session volume. The stock has declined 25.9% overall according to the article.
• Analyst sentiment remains broadly positive: 14 analysts rate the stock a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $21.50.
• The company reported a quarterly loss of $0.38 per share, missing estimates by $0.02, while insiders sold $1.43 million of stock over the past three months. Institutional investors own approximately 95.05% of the shares.

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC - Get Free Report) traded down 13.7% on Monday. The stock traded as low as $12.87 and last traded at $11.37. 154,429 shares were traded during trading, a decline of 91% from the average session volume of 1,675,902 shares. The stock had previously closed at $13.17.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ORIC shares. HC Wainwright upped their price target on Oric Pharmaceuticals from $25.00 to $27.00 and gave the company a "buy" rating in a report on Monday, August 10th. Wall Street Zen raised Oric Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Oric Pharmaceuticals in a report on Thursday, October 15th. Leerink Partners began coverage on Oric Pharmaceuticals in a report on Monday, October 5th. They issued an "outperform" rating and a $26.00 target price for the company. Finally, BTIG Research initiated coverage on Oric Pharmaceuticals in a research note on Wednesday, September 23rd. They set a "buy" rating and a $26.00 price target on the stock. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Oric Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $21.50.

Oric Pharmaceuticals Stock Down 25.9%

The company has a market cap of $1.01 billion, a price-to-earnings ratio of -7.25 and a beta of 0.99. The business has a fifty day simple moving average of $12.93 and a 200 day simple moving average of $11.04.

Oric Pharmaceuticals (NASDAQ:ORIC - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.38) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.02). Equities analysts anticipate that Oric Pharmaceuticals, Inc. will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling at Oric Pharmaceuticals

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 77,000 shares of Oric Pharmaceuticals stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $13.69, for a total transaction of $1,054,130.00. Following the completion of the transaction, the chief financial officer owned 69,828 shares in the company, valued at approximately $955,945.32. The trade was a 52.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 105,000 shares of company stock valued at $1,432,952 in the last three months. Company insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Oric Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Oric Pharmaceuticals in the 2nd quarter worth $73,904,000. Siren L.L.C. boosted its holdings in Oric Pharmaceuticals by 197.6% in the first quarter. Siren L.L.C. now owns 2,998,192 shares of the company's stock valued at $37,987,000 after acquiring an additional 1,990,617 shares during the last quarter. Algert Global LLC boosted its holdings in Oric Pharmaceuticals by 791.3% in the second quarter. Algert Global LLC now owns 1,215,293 shares of the company's stock valued at $13,162,000 after acquiring an additional 1,078,943 shares during the last quarter. Bank of America Corp DE acquired a new position in Oric Pharmaceuticals in the second quarter valued at $11,675,000. Finally, Defilade Capital Management L.P. purchased a new stake in Oric Pharmaceuticals during the first quarter valued at about $10,680,000. Hedge funds and other institutional investors own 95.05% of the company's stock.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc NASDAQ: ORIC is a clinical-stage biopharmaceutical company focused on developing medicines that overcome mechanisms of treatment resistance in cancer. The company uses its discovery platform to identify therapies intended to improve or restore the effectiveness of existing cancer treatments.

Oric's pipeline has included ORIC-533, an oral small-molecule inhibitor of CD73 designed to block adenosine-mediated immunosuppression in the tumor microenvironment. The company has evaluated the program in hematologic malignancies, including multiple myeloma.

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