Wedbush Has Lowered Expectations for Oric Pharmaceuticals (NASDAQ:ORIC) Stock Price

Oric Pharmaceuticals (NASDAQ:ORIC) had its price objective reduced by Wedbush from $20.00 to $17.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 34.18% from the company’s current price.

Several other equities research analysts have also weighed in on ORIC. Cantor Fitzgerald reissued an “overweight” rating on shares of Oric Pharmaceuticals in a report on Monday, March 9th. Wells Fargo & Company increased 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. Weiss Ratings restated a “sell (d-)” rating on shares of Oric Pharmaceuticals in a research note on Thursday, January 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Oric Pharmaceuticals in a report on Tuesday, February 24th. Finally, Citigroup lifted their price objective on shares of Oric Pharmaceuticals from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.90.

Oric Pharmaceuticals Stock Up 3.9%

ORIC opened at $12.67 on Wednesday. Oric Pharmaceuticals has a twelve month low of $3.90 and a twelve month high of $14.93. The company’s 50-day moving average price is $11.72 and its two-hundred day moving average price is $11.34. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -8.34 and a beta of 1.28.

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

Insider Buying and Selling

In related news, CFO Dominic Piscitelli sold 52,000 shares of the company’s stock in a transaction that occurred on 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ORIC. Vivo Capital LLC boosted its stake in Oric Pharmaceuticals by 50.3% during the second quarter. Vivo Capital LLC now owns 3,126,604 shares of the company’s stock valued at $31,735,000 after buying an additional 1,046,154 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Oric Pharmaceuticals by 3,646.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,335,448 shares of the company’s stock valued at $13,555,000 after acquiring an additional 1,299,799 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Oric Pharmaceuticals by 521.2% in the 3rd quarter. Royce & Associates LP now owns 1,458,483 shares of the company’s stock valued at $17,502,000 after acquiring an additional 1,223,709 shares in the last quarter. Alkeon Capital Management LLC boosted its position in shares of Oric Pharmaceuticals by 12.5% during the 2nd quarter. Alkeon Capital Management LLC now owns 4,504,096 shares of the company’s stock valued at $45,717,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Resolute Capital Asset Partners LLC purchased a new stake in Oric Pharmaceuticals in the second quarter valued at approximately $2,309,000. Institutional investors own 95.05% of the company’s stock.

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.