ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 3.5% – Should You Sell?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price dropped 3.5% during mid-day trading on Tuesday . The company traded as low as $8.03 and last traded at $8.17. Approximately 260,679 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 742,903 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim reiterated a “buy” rating on shares of ORIC Pharmaceuticals in a research note on Wednesday, February 26th. Oppenheimer lowered their price target on ORIC Pharmaceuticals from $15.00 to $12.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, May 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday, May 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.17.

ORIC Pharmaceuticals Price Performance

The stock has a market cap of $604.96 million, a price-to-earnings ratio of -4.68 and a beta of 1.37. The business’s 50 day moving average is $5.43 and its 200 day moving average is $7.68.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.09. As a group, analysts forecast that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current year.

Institutional Trading of ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of ORIC. Alkeon Capital Management LLC grew its stake in ORIC Pharmaceuticals by 2.6% in the first quarter. Alkeon Capital Management LLC now owns 4,004,096 shares of the company’s stock worth $22,343,000 after purchasing an additional 100,000 shares in the last quarter. Vanguard Group Inc. grew its position in ORIC Pharmaceuticals by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 3,215,887 shares of the company’s stock worth $17,945,000 after purchasing an additional 12,098 shares in the last quarter. Vivo Capital LLC grew its holdings in shares of ORIC Pharmaceuticals by 62.8% during the 1st quarter. Vivo Capital LLC now owns 2,080,450 shares of the company’s stock valued at $11,609,000 after acquiring an additional 802,632 shares in the last quarter. Boxer Capital Management LLC bought a new stake in ORIC Pharmaceuticals in the fourth quarter worth $13,982,000. Finally, NEA Management Company LLC raised its position in shares of ORIC Pharmaceuticals by 4.4% during the fourth quarter. NEA Management Company LLC now owns 1,566,081 shares of the company’s stock valued at $12,638,000 after buying an additional 66,081 shares during the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.