Oric Pharmaceuticals (NASDAQ:ORIC) Shares Down 7.5% on Insider Selling

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price fell 7.5% on Wednesday following insider selling activity. The stock traded as low as $8.56 and last traded at $8.44. 580,245 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,170,444 shares. The stock had previously closed at $9.12.

Specifically, CEO Jacob Chacko sold 33,374 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $302,368.44. Following the transaction, the chief executive officer directly owned 581,711 shares in the company, valued at $5,270,301.66. This represents a 5.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Dominic Piscitelli sold 10,720 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $9.06, for a total transaction of $97,123.20. Following the transaction, the chief financial officer directly owned 68,148 shares in the company, valued at approximately $617,420.88. This represents a 13.59% decrease in their position. The SEC filing for this sale provides additional information. In other news, insider Pratik S. Multani sold 10,720 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $9.06, for a total transaction of $97,123.20. Following the completion of the sale, the insider directly owned 68,149 shares of the company’s stock, valued at $617,429.94. The trade was a 13.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Oric Pharmaceuticals from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Evercore ISI started coverage on shares of Oric Pharmaceuticals in a report on Thursday, November 20th. They issued an “outperform” rating and a $25.00 price objective on the stock. Wells Fargo & Company raised their target price on Oric Pharmaceuticals from $19.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, December 8th. HC Wainwright lifted their target price on Oric Pharmaceuticals from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Finally, Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Oric Pharmaceuticals in a report on Monday, December 8th. Ten 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. According to data from MarketBeat.com, Oric Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.67.

Oric Pharmaceuticals Stock Down 0.6%

The company has a 50 day moving average of $11.71 and a 200-day moving average of $10.95. The stock has a market capitalization of $783.02 million, a P/E ratio of -4.65 and a beta of 1.32.

Oric Pharmaceuticals (NASDAQ:ORIC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.08. 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 institutional investors and hedge funds have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co acquired a new stake in Oric Pharmaceuticals in the 3rd quarter valued at about $65,000. Woodline Partners LP lifted its stake in Oric Pharmaceuticals by 0.9% during the third quarter. Woodline Partners LP now owns 246,534 shares of the company’s stock valued at $2,958,000 after purchasing an additional 2,166 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in Oric Pharmaceuticals during the third quarter worth approximately $358,000. Polar Capital Holdings Plc acquired a new position in Oric Pharmaceuticals in the third quarter worth approximately $5,623,000. Finally, Prelude Capital Management LLC bought a new position in shares of Oric Pharmaceuticals in the third quarter valued at $396,000. 95.05% of the stock is owned by institutional investors.

About Oric Pharmaceuticals

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.