ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 5.6%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 5.6% during trading on Wednesday . The stock traded as low as $8.27 and last traded at $8.28. Approximately 159,410 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 544,651 shares. The stock had previously closed at $8.77.

Analysts Set New Price Targets

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

ORIC Pharmaceuticals Price Performance

The firm has a 50 day simple moving average of $12.33 and a 200-day simple moving average of $9.74. The stock has a market capitalization of $544.43 million, a price-to-earnings ratio of -4.16 and a beta of 1.04.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Monday, March 11th. The company reported ($0.49) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.49). On average, 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 other ORIC Pharmaceuticals news, CEO Jacob Chacko sold 13,958 shares of the firm’s stock in a transaction dated 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 owns 794,586 shares in the company, valued at $9,630,382.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 5.34% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

A number of hedge funds have recently modified their holdings of ORIC. AJOVista LLC acquired a new stake in ORIC Pharmaceuticals in the 4th quarter valued at approximately $40,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of ORIC Pharmaceuticals during the 4th quarter worth approximately $58,000. Barclays PLC acquired a new position in shares of ORIC Pharmaceuticals during the 2nd quarter worth approximately $61,000. Sherbrooke Park Advisers LLC acquired a new position in shares of ORIC Pharmaceuticals during the 3rd quarter worth approximately $72,000. Finally, Strs Ohio acquired a new position in shares of ORIC Pharmaceuticals during the 4th quarter worth approximately $72,000. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.