ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 4.9% – Here’s What Happened

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC) dropped 4.9% during trading on Friday . The stock traded as low as $7.20 and last traded at $7.15. Approximately 138,822 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 584,957 shares. The stock had previously closed at $7.51.

Analyst Ratings Changes

ORIC has been the subject of several recent analyst reports. Guggenheim reissued a “buy” rating on shares of ORIC Pharmaceuticals in a report on Wednesday, February 26th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Friday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Tuesday, January 14th. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of ORIC Pharmaceuticals in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of ORIC Pharmaceuticals from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $18.86.

ORIC Pharmaceuticals Stock Performance

The firm’s 50-day moving average price is $9.08 and its two-hundred day moving average price is $9.23. The stock has a market cap of $499.32 million, a price-to-earnings ratio of -3.86 and a beta of 1.25.

ORIC Pharmaceuticals (NASDAQ:ORIC) last announced its quarterly earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. As a group, sell-side analysts expect that ORIC Pharmaceuticals, Inc. will post -2.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. KLP Kapitalforvaltning AS acquired a new position in ORIC Pharmaceuticals in the fourth quarter valued at about $50,000. BNP Paribas Financial Markets acquired a new position in ORIC Pharmaceuticals in the fourth quarter valued at about $71,000. PNC Financial Services Group Inc. lifted its position in ORIC Pharmaceuticals by 22.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,517 shares of the company’s stock valued at $109,000 after buying an additional 2,520 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in ORIC Pharmaceuticals by 1,048.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 14,661 shares of the company’s stock valued at $118,000 after buying an additional 13,384 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new position in ORIC Pharmaceuticals in the fourth quarter valued at about $118,000. 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.