Oric Pharmaceuticals (NASDAQ:ORIC) Shares Gap Down – Here’s What Happened

Shares of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) gapped down before the market opened on Monday . The stock had previously closed at $13.71, but opened at $11.81. Oric Pharmaceuticals shares last traded at $12.16, with a volume of 1,060,719 shares changing hands.

Analyst Ratings Changes

ORIC has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of Oric Pharmaceuticals from $19.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, December 8th. Wall Street Zen raised shares of Oric Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Evercore initiated coverage on shares of Oric Pharmaceuticals in a research note on Thursday, November 20th. They set an “outperform” rating and a $25.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Oric Pharmaceuticals from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, November 18th. Finally, HC Wainwright lifted their target price on shares of Oric Pharmaceuticals from $23.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Oric Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $20.20.

Oric Pharmaceuticals Stock Up 8.1%

The firm’s fifty day moving average price is $11.08 and its two-hundred day moving average price is $11.20. The stock has a market capitalization of $1.26 billion, a PE ratio of -8.28 and a beta of 1.28.

Oric Pharmaceuticals (NASDAQ:ORIC) last issued its earnings results on Monday, February 23rd. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.04. As a group, analysts predict that Oric Pharmaceuticals, Inc. will post -2.17 EPS for the current year.

Insider Activity

In related news, CEO Jacob Chacko sold 33,374 shares of Oric Pharmaceuticals stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $9.06, for a total value of $302,368.44. Following the completion of the sale, the chief executive officer owned 581,711 shares of the company’s stock, valued at $5,270,301.66. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Pratik S. Multani sold 10,720 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total value of $97,123.20. Following the sale, the insider owned 68,149 shares of the company’s stock, valued at approximately $617,429.94. This trade represents a 13.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 106,814 shares of company stock valued at $1,199,135 in the last ninety days. 5.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Oric Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,732 shares of the company’s stock valued at $39,000 after purchasing an additional 977 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Oric Pharmaceuticals by 3.9% in the fourth quarter. California State Teachers Retirement System now owns 33,959 shares of the company’s stock worth $278,000 after buying an additional 1,270 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Oric Pharmaceuticals by 2.9% in the second quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,000 shares of the company’s stock worth $497,000 after buying an additional 1,358 shares during the last quarter. ProShare Advisors LLC grew its position in Oric Pharmaceuticals by 12.9% during the third quarter. ProShare Advisors LLC now owns 13,383 shares of the company’s stock valued at $161,000 after buying an additional 1,527 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Oric Pharmaceuticals by 1.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 128,649 shares of the company’s stock valued at $1,042,000 after buying an additional 1,985 shares during the period. 95.05% of the stock is owned by hedge funds and other institutional investors.

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.