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

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

Analyst Ratings Changes

Several research analysts have recently weighed in on ORIC shares. JPMorgan Chase & Co. lifted their price target 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. HC Wainwright reissued a “buy” rating and set a $21.00 price target on shares of ORIC Pharmaceuticals in a report on Friday, February 21st. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of ORIC Pharmaceuticals in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of ORIC Pharmaceuticals in a research report on Tuesday, January 14th. Finally, Guggenheim restated a “buy” rating on shares of ORIC Pharmaceuticals in a research report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $18.86.

ORIC Pharmaceuticals Price Performance

The firm has a 50-day moving average of $9.09 and a 200-day moving average of $9.26. The stock has a market cap of $490.09 million, a PE ratio of -3.84 and a beta of 1.25.

ORIC Pharmaceuticals (NASDAQ:ORIC) last released its earnings results on Tuesday, February 18th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. Equities analysts forecast that ORIC Pharmaceuticals, Inc. will post -2.17 EPS for the current fiscal year.

Hedge Funds Weigh In On ORIC Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ORIC. Victory Capital Management Inc. boosted its stake in ORIC Pharmaceuticals by 4.1% during the third quarter. Victory Capital Management Inc. now owns 99,750 shares of the company’s stock valued at $1,022,000 after buying an additional 3,900 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in ORIC Pharmaceuticals during the third quarter valued at approximately $132,000. Intech Investment Management LLC bought a new position in ORIC Pharmaceuticals during the third quarter valued at approximately $200,000. Charles Schwab Investment Management Inc. boosted its stake in ORIC Pharmaceuticals by 152.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,229 shares of the company’s stock valued at $4,205,000 after buying an additional 247,863 shares during the last quarter. Finally, Alkeon Capital Management LLC boosted its stake in ORIC Pharmaceuticals by 2.6% during the third quarter. Alkeon Capital Management LLC now owns 3,904,096 shares of the company’s stock valued at $40,017,000 after buying an additional 100,000 shares during the last quarter. 95.05% of the stock is owned by institutional investors.

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.