ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 3.4% – Time to Sell?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) was down 3.4% during mid-day trading on Tuesday . The stock traded as low as $8.00 and last traded at $8.05. Approximately 40,944 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 498,727 shares. The stock had previously closed at $8.33.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ORIC. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, November 12th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, November 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, Stifel Nicolaus initiated coverage on ORIC Pharmaceuticals in a report on Friday, September 6th. They issued a “buy” rating and a $20.00 price objective for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ORIC Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Down 1.7 %

The stock has a market capitalization of $577.94 million, a P/E ratio of -4.55 and a beta of 1.13. The company has a fifty day simple moving average of $9.19 and a two-hundred day simple moving average of $9.33.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.01). As a group, equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Buying and Selling 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 value of $73,278.00. Following the sale, the insider now owns 46,765 shares of the company’s stock, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Dominic Piscitelli sold 8,851 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,286.28. Following the transaction, the chief financial officer now directly owns 106,764 shares of the company’s stock, valued at $884,005.92. This represents a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Several hedge funds have recently made changes to their positions in ORIC. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of ORIC Pharmaceuticals by 162.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,152 shares of the company’s stock worth $36,000 after purchasing an additional 3,188 shares in the last quarter. Victory Capital Management Inc. lifted its position in ORIC Pharmaceuticals by 4.1% during the 3rd quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock worth $1,022,000 after buying an additional 3,900 shares in the last quarter. Profund Advisors LLC boosted its stake in shares of ORIC Pharmaceuticals by 23.6% during the 2nd quarter. Profund Advisors LLC now owns 21,861 shares of the company’s stock worth $155,000 after buying an additional 4,175 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of ORIC Pharmaceuticals by 71.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after buying an additional 5,646 shares during the last quarter. Finally, Quest Partners LLC grew its holdings in shares of ORIC Pharmaceuticals by 253.2% in the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock valued at $73,000 after acquiring an additional 7,440 shares in the last quarter. 95.05% of the stock is owned by 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.