ORIC Pharmaceuticals (NASDAQ:ORIC) Trading Down 7.8% – Time to Sell?

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company assumed coverage on ORIC Pharmaceuticals in a report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ORIC Pharmaceuticals in a report on Tuesday. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, ORIC Pharmaceuticals has an average rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Stock Down 7.6 %

The stock has a market capitalization of $708.52 million, a P/E ratio of -5.58 and a beta of 1.18. The business’s 50 day simple moving average is $9.01 and its two-hundred day simple moving average is $9.46.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results 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). Analysts predict that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insider Activity at ORIC Pharmaceuticals

In other news, insider Pratik S. Multani sold 8,850 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $73,278.00. Following the completion of the transaction, the insider now directly owns 46,765 shares of the company’s stock, valued at $387,214.20. This represents a 15.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total value of $204,184.80. Following the sale, the chief executive officer now directly owns 778,648 shares of the company’s stock, valued at approximately $6,447,205.44. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,361 shares of company stock valued at $350,749. 5.55% of the stock is owned by insiders.

Hedge Funds Weigh In On ORIC Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of ORIC Pharmaceuticals by 297.4% in the second quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock worth $5,531,000 after purchasing an additional 585,447 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in ORIC Pharmaceuticals by 190.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 466,662 shares of the company’s stock valued at $3,299,000 after buying an additional 305,860 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in ORIC Pharmaceuticals by 152.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of ORIC Pharmaceuticals by 26.1% during the third quarter. Franklin Resources Inc. now owns 950,459 shares of the company’s stock worth $9,067,000 after acquiring an additional 196,804 shares in the last quarter. Finally, Sphera Funds Management LTD. purchased a new stake in shares of ORIC Pharmaceuticals during the third quarter worth $1,316,000. 95.05% of the stock is owned by institutional investors.

About ORIC Pharmaceuticals

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.