ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 4%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price was down 4% on Thursday . The stock traded as low as $9.37 and last traded at $9.37. Approximately 33,834 shares traded hands during trading, a decline of 94% from the average daily volume of 547,487 shares. The stock had previously closed at $9.76.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. JPMorgan Chase & Co. cut their target price on ORIC Pharmaceuticals from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. Cantor Fitzgerald assumed coverage on ORIC Pharmaceuticals in a research note on Friday, February 23rd. They issued an “overweight” rating on the stock. HC Wainwright boosted their target price on ORIC Pharmaceuticals from $15.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Finally, Wedbush boosted their target price on ORIC Pharmaceuticals from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $19.80.

ORIC Pharmaceuticals Stock Performance

The company has a 50-day simple moving average of $12.51 and a two-hundred day simple moving average of $9.63.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.49) earnings per share for the quarter, hitting the consensus estimate of ($0.49). Sell-side analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jacob Chacko sold 13,958 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $12.12, for a total transaction of $169,170.96. Following the transaction, the chief executive officer now directly owns 794,586 shares of the company’s stock, valued at approximately $9,630,382.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ORIC. Swiss National Bank increased its holdings in shares of ORIC Pharmaceuticals by 7.6% during the 1st quarter. Swiss National Bank now owns 60,600 shares of the company’s stock worth $324,000 after acquiring an additional 4,300 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of ORIC Pharmaceuticals by 23.9% during the 1st quarter. JPMorgan Chase & Co. now owns 19,654 shares of the company’s stock worth $105,000 after acquiring an additional 3,794 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of ORIC Pharmaceuticals during the 1st quarter worth approximately $29,000. Vanguard Group Inc. increased its holdings in shares of ORIC Pharmaceuticals by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,644,019 shares of the company’s stock worth $8,779,000 after acquiring an additional 13,981 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in ORIC Pharmaceuticals by 733.1% in the 1st quarter. Renaissance Technologies LLC now owns 219,100 shares of the company’s stock valued at $1,170,000 after buying an additional 192,800 shares in the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

ORIC Pharmaceuticals Company Profile

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.