ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 6.9% – What’s Next?

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price fell 6.9% on Thursday . The company traded as low as $9.37 and last traded at $9.56. 274,106 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 516,152 shares. The stock had previously closed at $10.27.

Analysts Set New Price Targets

ORIC has been the subject of a number of recent analyst reports. Stifel Nicolaus began coverage on shares of ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Oppenheimer lowered their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a research report on Tuesday. Finally, Wells Fargo & Company assumed coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Down 3.7 %

The stock’s 50-day moving average price is $9.69 and its 200 day moving average price is $9.33. The firm has a market capitalization of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, sell-side analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current year.

Institutional Trading of ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in ORIC Pharmaceuticals by 4.2% during the third quarter. Geode Capital Management LLC now owns 1,273,513 shares of the company’s stock worth $13,056,000 after purchasing an additional 50,821 shares during the last quarter. M&T Bank Corp grew its stake in shares of ORIC Pharmaceuticals by 19.2% in the 3rd quarter. M&T Bank Corp now owns 85,137 shares of the company’s stock valued at $873,000 after buying an additional 13,711 shares during the period. Barclays PLC grew its stake in shares of ORIC Pharmaceuticals by 111.2% in the 3rd quarter. Barclays PLC now owns 107,261 shares of the company’s stock valued at $1,100,000 after buying an additional 56,474 shares during the period. Wellington Management Group LLP increased its holdings in shares of ORIC Pharmaceuticals by 42.0% during the 3rd quarter. Wellington Management Group LLP now owns 174,388 shares of the company’s stock worth $1,787,000 after buying an additional 51,565 shares during the last quarter. Finally, Sphera Funds Management LTD. purchased a new stake in shares of ORIC Pharmaceuticals during the 3rd quarter valued at approximately $1,316,000. 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.