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

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on ORIC. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Monday, September 23rd. Oppenheimer decreased their target price on ORIC Pharmaceuticals from $17.00 to $15.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Wells Fargo & Company started 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. Stifel Nicolaus started coverage on ORIC Pharmaceuticals in a research note on Friday, September 6th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $21.00 target price on shares of ORIC Pharmaceuticals in a research note on Monday, November 4th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $18.29.

ORIC Pharmaceuticals Stock Down 3.7 %

The stock has a market capitalization of $599.82 million, a price-to-earnings ratio of -4.72 and a beta of 1.13. The stock has a fifty day moving average of $9.69 and a 200-day moving average of $9.33.

ORIC Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Tuesday, November 12th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.01). On average, equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -1.8 EPS for the current fiscal year.

Institutional Trading of ORIC Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. NEA Management Company LLC purchased a new position in ORIC Pharmaceuticals during the 1st quarter worth approximately $20,625,000. Price T Rowe Associates Inc. MD raised its position in ORIC Pharmaceuticals by 140.5% in the 1st 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 during the last quarter. Vanguard Group Inc. boosted its stake in ORIC Pharmaceuticals by 27.9% during the 1st quarter. Vanguard Group Inc. now owns 2,882,055 shares of the company’s stock worth $39,628,000 after purchasing an additional 629,536 shares during the period. Millennium Management LLC boosted its stake in ORIC Pharmaceuticals by 297.4% during the 2nd 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 during the period. Finally, First Turn Management LLC grew its position in ORIC Pharmaceuticals by 38.1% during the 2nd quarter. First Turn Management LLC now owns 1,515,960 shares of the company’s stock worth $10,718,000 after purchasing an additional 418,389 shares during the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

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.