Oric Pharmaceuticals (NASDAQ:ORIC) Announces Quarterly Earnings Results

Oric Pharmaceuticals (NASDAQ:ORIC) announced its earnings results on Monday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.03), FiscalAI reports.

Oric Pharmaceuticals Stock Performance

Shares of ORIC traded down $0.02 during mid-day trading on Wednesday, hitting $9.55. 65,968 shares of the company’s stock were exchanged, compared to its average volume of 1,834,779. The company has a market cap of $988.20 million, a price-to-earnings ratio of -6.62 and a beta of 1.11. Oric Pharmaceuticals has a fifty-two week low of $4.52 and a fifty-two week high of $14.93. The stock’s 50-day moving average is $11.23 and its 200-day moving average is $10.99.

Insider Activity

In other news, CFO Dominic Piscitelli sold 52,000 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $13.51, for a total transaction of $702,520.00. Following the sale, the chief financial officer owned 68,148 shares of the company’s stock, valued at approximately $920,679.48. This represents a 43.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Oric Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC raised its holdings in Oric Pharmaceuticals by 56.0% during the first quarter. Jane Street Group LLC now owns 31,198 shares of the company’s stock worth $174,000 after purchasing an additional 11,198 shares in the last quarter. Oxford Asset Management LLP acquired a new stake in Oric Pharmaceuticals during the fourth quarter worth approximately $161,000. DRW Securities LLC acquired a new stake in Oric Pharmaceuticals during the fourth quarter worth approximately $157,000. Quarry LP raised its holdings in Oric Pharmaceuticals by 2,106.9% during the fourth quarter. Quarry LP now owns 16,000 shares of the company’s stock worth $131,000 after purchasing an additional 15,275 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Oric Pharmaceuticals by 1,293.0% during the second quarter. Tower Research Capital LLC TRC now owns 11,757 shares of the company’s stock worth $119,000 after purchasing an additional 10,913 shares in the last quarter. Institutional investors and hedge funds own 95.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ORIC. Wedbush lowered their target price on shares of Oric Pharmaceuticals from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Tuesday, April 21st. Oppenheimer reaffirmed an “outperform” rating and set a $15.00 target price on shares of Oric Pharmaceuticals in a research note on Tuesday, February 24th. Citigroup lowered their target price on shares of Oric Pharmaceuticals from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Piper Sandler began coverage on shares of Oric Pharmaceuticals in a research note on Wednesday, January 7th. They set an “overweight” rating and a $22.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.80.

Oric Pharmaceuticals Company Profile

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.