ORIC Pharmaceuticals (NASDAQ:ORIC) Shares Down 3.6%

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price dropped 3.6% during mid-day trading on Wednesday . The stock traded as low as $9.68 and last traded at $9.71. Approximately 84,478 shares were traded during trading, a decline of 84% from the average daily volume of 531,467 shares. The stock had previously closed at $10.07.

Analyst Ratings Changes

Several research firms recently issued reports on ORIC. Citigroup reduced their price objective on shares of ORIC Pharmaceuticals from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, May 7th. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Thursday, June 20th. Oppenheimer lowered their price objective 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 reissued an “outperform” rating and issued a $20.00 target price on shares of ORIC Pharmaceuticals in a report on Monday, August 12th. Finally, HC Wainwright restated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research report on Wednesday, August 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, ORIC Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $17.60.

ORIC Pharmaceuticals Stock Performance

The firm’s fifty day moving average is $9.56 and its 200 day moving average is $10.18. The firm has a market cap of $681.42 million, a P/E ratio of -5.59 and a beta of 1.13.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in ORIC. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 valued at $36,000 after buying an additional 3,188 shares during the period. AJOVista LLC acquired a new position in shares of ORIC Pharmaceuticals in the 4th quarter valued at about $40,000. Quest Partners LLC boosted its holdings in shares of ORIC Pharmaceuticals by 253.2% during the 2nd quarter. Quest Partners LLC now owns 10,378 shares of the company’s stock worth $73,000 after buying an additional 7,440 shares in the last quarter. XTX Topco Ltd acquired a new stake in ORIC Pharmaceuticals in the second quarter worth $153,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in ORIC Pharmaceuticals in the 2nd quarter valued at about $154,000. 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.