Oric Pharmaceuticals, Inc. (NASDAQ:ORIC) experienced a notable decline in its stock price, dropping by 5.6% on Tuesday. The shares reached a low of $10.46 before closing at $10.53, with approximately 641,370 shares traded, marking a 45% decrease from the average daily volume of 1,160,643 shares. This drop follows a previous closing price of $11.15.
Analysts Adjust Price Targets
In light of these developments, various analysts have updated their projections for Oric Pharmaceuticals. On November 14, 2023, Oppenheimer raised its price target from $12.00 to $15.00, maintaining an “outperform” rating. Zacks Research also upgraded the stock to a “hold” rating on August 12, 2023. Conversely, Wells Fargo reduced its price target from $20.00 to $19.00 while retaining an “overweight” rating.
JPMorgan Chase & Co. increased its price target from $17.00 to $20.00 with an “overweight” rating on November 18, 2023. Wedbush reaffirmed an “outperform” rating with a target price of $20.00. A total of ten analysts currently rate the stock as a Buy, with two analysts advising Hold and one analyst suggesting Sell. According to data from MarketBeat.com, Oric Pharmaceuticals holds a consensus rating of “Moderate Buy” with a target price of $19.00.
Recent Earnings Report and Insider Transactions
Oric Pharmaceuticals recently announced its earnings results on November 13, 2023. The company reported earnings per share of ($0.33), beating analysts’ consensus estimates of ($0.41) by $0.08. Analysts anticipate that the company will post an average of ($2.17) earnings per share for the current fiscal year.
In related news, CEO Jacob Chacko sold 37,461 shares on October 6, 2023, at an average price of $12.32, amounting to a total transaction of $461,519.52. Following this sale, Chacko holds 531,419 shares valued at approximately $6,547,082.08. This sale represented a 6.59% decrease in his ownership. Similarly, CFO Dominic Piscitelli sold 11,000 shares on the same day, generating $159,720.00 at an average price of $14.52. After this transaction, Piscitelli owns 48,317 shares valued at about $701,562.84, reflecting an 18.54% decrease in his stock ownership.
In total, insiders have sold 261,000 shares worth $3,024,703 over the past 90 days, with corporate insiders owning 5.55% of the stock.
Institutional Investor Activity
Recent changes in institutional investor holdings indicate significant interest in Oric Pharmaceuticals. Vanguard Group Inc. increased its holdings by 48.8% during the third quarter, now owning 4,650,138 shares valued at $55,802,000 after acquiring an additional 1,525,445 shares.
Alkeon Capital Management LLC raised its position by 12.5% during the second quarter, now holding 4,504,096 shares worth $45,717,000. Orbimed Advisors LLC expanded its stake by 305.0% in the third quarter, owning 3,641,756 shares valued at $43,701,000 after purchasing an additional 2,742,475 shares.
Furthermore, Vivo Capital LLC increased its position by 50.3%, owning 3,126,604 shares worth $31,735,000. MPM Bioimpact LLC also raised its stake by 23.6%, now holding 1,729,378 shares valued at $17,553,000. Overall, institutional investors and hedge funds control 95.05% of Oric Pharmaceuticals’ stock.
As a clinical-stage biopharmaceutical company, Oric Pharmaceuticals focuses on developing cancer therapies in the United States. Its clinical candidates include ORIC-114, an irreversible inhibitor currently in Phase 1b studies, ORIC-944, an allosteric inhibitor for prostate cancer, and ORIC-533, a small molecule inhibitor of CD73.
The fluctuations in stock price and analyst ratings, coupled with insider trading activity, underscore the dynamic nature of the market surrounding Oric Pharmaceuticals as it continues its development efforts in the competitive biopharmaceutical landscape.
