Oric Pharmaceuticals (NASDAQ:ORIC) Announces Earnings Results

Oric Pharmaceuticals (NASDAQ:ORIC) issued its quarterly earnings data on Thursday. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.08, Zacks reports.

Oric Pharmaceuticals Stock Down 2.3%

ORIC traded down $0.29 during trading on Thursday, hitting $12.19. 707,684 shares of the stock were exchanged, compared to its average volume of 1,155,757. Oric Pharmaceuticals has a 1-year low of $3.90 and a 1-year high of $14.93. The stock has a fifty day moving average price of $12.14 and a two-hundred day moving average price of $10.06. The firm has a market capitalization of $1.18 billion, a P/E ratio of -6.45 and a beta of 1.66.

Insider Buying and Selling

In other news, CEO Jacob Chacko sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $10.80, for a total value of $1,350,000.00. Following the transaction, the chief executive officer owned 656,419 shares of the company’s stock, valued at approximately $7,089,325.20. The trade was a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Dominic Piscitelli sold 11,000 shares of the stock in a transaction on Monday, October 6th. The stock was sold at an average price of $14.52, for a total value of $159,720.00. Following the sale, the chief financial officer directly owned 48,317 shares of the company’s stock, valued at approximately $701,562.84. This represents a 18.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 261,000 shares of company stock worth $3,024,703. Insiders own 6.82% of the company’s stock.

Hedge Funds Weigh In On Oric Pharmaceuticals

A number of large investors have recently modified their holdings of ORIC. Ameriprise Financial Inc. lifted its holdings in shares of Oric Pharmaceuticals by 7.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 38,864 shares of the company’s stock valued at $394,000 after buying an additional 2,706 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Oric Pharmaceuticals by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,201 shares of the company’s stock worth $226,000 after purchasing an additional 3,131 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Oric Pharmaceuticals in the 3rd quarter worth about $60,000. Tower Research Capital LLC TRC grew its stake in Oric Pharmaceuticals by 1,293.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,757 shares of the company’s stock valued at $119,000 after acquiring an additional 10,913 shares during the last quarter. Finally, Creative Planning purchased a new position in Oric Pharmaceuticals during the second quarter worth $113,000. 95.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Guggenheim started coverage on shares of Oric Pharmaceuticals in a research report on Thursday, September 4th. They set a “buy” rating and a $18.00 price target for the company. HC Wainwright decreased their price target on shares of Oric Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, August 14th. Zacks Research upgraded Oric Pharmaceuticals to a “hold” rating in a report on Tuesday, August 12th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Oric Pharmaceuticals in a research report on Monday, October 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Oric Pharmaceuticals from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Seven research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.83.

About Oric Pharmaceuticals

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.