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

ORIC Pharmaceuticals, Inc. (NASDAQ:ORIC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $8.19, but opened at $8.00. ORIC Pharmaceuticals shares last traded at $8.19, with a volume of 10,113 shares traded.

Wall Street Analyst Weigh In

ORIC has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on shares of ORIC Pharmaceuticals in a research report on Thursday, October 31st. They set an “overweight” rating and a $20.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research report on Tuesday, November 12th. Stifel Nicolaus began coverage on ORIC Pharmaceuticals in a research report on Friday, September 6th. They set a “buy” rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of ORIC Pharmaceuticals in a research note on Monday, September 23rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $21.00 price target on shares of ORIC Pharmaceuticals in a research note on Monday, November 4th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $18.29.

ORIC Pharmaceuticals Trading Up 0.4 %

The company’s 50 day simple moving average is $9.19 and its 200-day simple moving average is $9.33. The firm has a market cap of $580.06 million, a P/E ratio of -4.57 and a beta of 1.13.

ORIC Pharmaceuticals (NASDAQ:ORIC) last posted its earnings results on Tuesday, November 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.01). On average, sell-side analysts anticipate that ORIC Pharmaceuticals, Inc. will post -1.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Pratik S. Multani sold 8,850 shares of ORIC Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $8.28, for a total transaction of $73,278.00. Following the transaction, the insider now owns 46,765 shares in the company, valued at $387,214.20. This trade represents a 15.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jacob Chacko sold 24,660 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $8.28, for a total value of $204,184.80. Following the completion of the transaction, the chief executive officer now directly owns 778,648 shares in the company, 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. Over the last three months, insiders have sold 42,361 shares of company stock valued at $350,749. Insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On ORIC Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 worth $36,000 after purchasing an additional 3,188 shares in the last quarter. Quest Partners LLC boosted its holdings in ORIC Pharmaceuticals by 253.2% in 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 during the period. Creative Planning bought a new stake in ORIC Pharmaceuticals during the third quarter valued at about $116,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ORIC Pharmaceuticals in the third quarter valued at about $132,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of ORIC Pharmaceuticals by 71.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 13,568 shares of the company’s stock worth $139,000 after acquiring an additional 5,646 shares during the period. Institutional investors 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.