ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 7.8% – Should You Sell?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price dropped 7.8% during mid-day trading on Thursday . The company traded as low as $10.10 and last traded at $10.02. Approximately 263,012 shares changed hands during trading, a decline of 67% from the average daily volume of 792,414 shares. The stock had previously closed at $10.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of ORIC Pharmaceuticals in a report on Monday. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a report on Monday. Finally, Wells Fargo & Company started coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price objective for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Trading Down 7.6 %

The company has a market capitalization of $708.52 million, a price-to-earnings ratio of -5.58 and a beta of 1.18. The business’s 50 day moving average price is $9.01 and its two-hundred day moving average price is $9.46.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). Analysts expect that ORIC Pharmaceuticals, Inc. will post -1.84 EPS for the current year.

Insider Activity at ORIC Pharmaceuticals

In other ORIC Pharmaceuticals news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total transaction of $73,278.00. Following the transaction, the insider now directly owns 46,765 shares of the company’s stock, valued at approximately $387,214.20. The trade was a 15.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jacob Chacko sold 24,660 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the sale, the chief executive officer now owns 778,648 shares in the company, valued at $6,447,205.44. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,361 shares of company stock worth $350,749 in the last quarter. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC raised its holdings in ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after purchasing an additional 7,440 shares during the last quarter. Creative Planning acquired a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in ORIC Pharmaceuticals during the third quarter worth $132,000. China Universal Asset Management Co. Ltd. lifted its holdings in ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock valued at $139,000 after buying an additional 5,646 shares during the period. Finally, XTX Topco Ltd bought a new stake in ORIC Pharmaceuticals during the second quarter valued at $153,000. 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.