Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 13.7% – What’s Next?

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Oric Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Leerink Partners began coverage on shares of Oric Pharmaceuticals in a research note on Monday, October 5th. They issued an “outperform” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of Oric Pharmaceuticals from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Wedbush dropped their price objective on shares of Oric Pharmaceuticals from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, BTIG Research reiterated a “buy” rating and issued a $26.00 price objective on shares of Oric Pharmaceuticals in a report on Wednesday. Fourteen research 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.25.

Oric Pharmaceuticals Stock Performance

The business’s 50 day simple moving average is $12.76 and its 200 day simple moving average is $11.15.

Oric Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02). As a group, equities analysts predict that Oric Pharmaceuticals, Inc. will post -1.53 EPS for the current fiscal year.

Insider Activity

In other Oric Pharmaceuticals news, CFO Dominic Piscitelli sold 14,000 shares of the stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $13.53, for a total transaction of $189,420.00. Following the completion of the transaction, the chief financial officer owned 69,828 shares of the company’s stock, valued at $944,772.84. This trade represents a 16.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 105,000 shares of company stock worth $1,432,952. 5.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Oric Pharmaceuticals

A number of institutional investors have recently made changes to their positions in ORIC. WINTON GROUP Ltd acquired a new position in Oric Pharmaceuticals during the second quarter worth $899,000. Defilade Capital Management L.P. acquired a new stake in shares of Oric Pharmaceuticals in the first quarter valued at $10,680,000. Blue Owl Capital Holdings LP acquired a new stake in shares of Oric Pharmaceuticals in the second quarter valued at $4,332,000. Squarepoint Ops LLC purchased a new stake in shares of Oric Pharmaceuticals in the 2nd quarter valued at $3,729,000. Finally, Bank of America Corp DE purchased a new stake in shares of Oric Pharmaceuticals in the 2nd quarter valued at $11,675,000. 95.05% of the stock is currently owned by institutional investors and hedge funds.

About Oric Pharmaceuticals

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.