ORIC Pharmaceuticals (NASDAQ:ORIC) Stock Price Down 5.2% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price dropped 5.2% on Monday . The stock traded as low as $8.73 and last traded at $8.92. Approximately 92,096 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 517,284 shares. The stock had previously closed at $9.41.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Oppenheimer cut their price target on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research note on Thursday. They set an “overweight” rating and a $20.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Stifel Nicolaus assumed coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 price objective on shares of ORIC Pharmaceuticals in a research report on Monday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals currently has an average rating of “Buy” and an average target price of $18.29.

ORIC Pharmaceuticals Trading Down 0.4 %

The business has a 50 day simple moving average of $9.73 and a two-hundred day simple moving average of $9.25. The company has a market cap of $660.98 million, a PE ratio of -4.99 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). On average, equities research analysts expect that ORIC Pharmaceuticals, Inc. will post -1.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. NEA Management Company LLC acquired a new stake in shares of ORIC Pharmaceuticals in the 1st quarter worth about $20,625,000. Price T Rowe Associates Inc. MD grew its stake in ORIC Pharmaceuticals by 140.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,566,736 shares of the company’s stock valued at $21,543,000 after purchasing an additional 915,175 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of ORIC Pharmaceuticals by 27.9% during the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock valued at $39,628,000 after purchasing an additional 629,536 shares in the last quarter. Millennium Management LLC increased its holdings in shares of ORIC Pharmaceuticals by 297.4% during the 2nd quarter. Millennium Management LLC now owns 782,299 shares of the company’s stock valued at $5,531,000 after acquiring an additional 585,447 shares during the last quarter. Finally, First Turn Management LLC raised its holdings in ORIC Pharmaceuticals by 38.1% in the 2nd quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock worth $10,718,000 after acquiring an additional 418,389 shares during the period. 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.