Chacko Jacob, the President and CEO of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC), a clinical-stage biopharmaceutical company with a market capitalization of $588 million, recently sold 24,660 shares of the company's common stock. The shares were sold at a weighted average price of $8.2812, totaling approximately $204,214. This transaction, dated December 16, 2024, was part of a sale to cover tax withholding obligations related to vested restricted stock units.
In addition to the sale, Jacob acquired 67,000 shares of common stock through the vesting of restricted stock units on December 15, 2024. These transactions reflect Jacob's ongoing management of his equity holdings in Oric Pharmaceuticals. Following these transactions, Jacob holds 778,648 shares of the company. According to InvestingPro, while the company maintains a strong cash position exceeding its debt, analysts have recently revised their earnings expectations downward. InvestingPro offers additional insights and metrics about ORIC's financial health and future prospects.
In other recent news, ORIC Pharmaceuticals has been making significant strides in its drug development. Jones Trading has initiated coverage on the company, assigning a Buy rating with a price target of $17.00. The firm's analysis highlights ORIC's work on treatments for non-small cell lung cancer (NSCLC) and metastatic prostate cancer. In addition, ORIC's drug candidate, ORIC-114, has demonstrated promise in preclinical studies, showing superior potency and selectivity compared to other EGFR inhibitors.
Furthermore, the company has initiated dosing for its lead product, ORIC-944, in a Phase 1b trial for metastatic prostate cancer, in collaboration with Bayer (OTC:BAYRY) and Janssen Research & Development. Other analysts have also been active in their coverage of ORIC Pharmaceuticals. Stifel has initiated coverage with a Buy rating and a target of $20, emphasizing the company's potential in the prostate cancer treatment market. H.C. Wainwright has maintained its Buy rating and $21 price target, advising against comparing ORIC's results with those of competitor Ipsen (EPA:IPN)'s trials due to differences in patient populations and baseline disease measurability.
Meanwhile, Citi has adjusted its price target for ORIC from $15 to $14, maintaining a 'Buy' rating. This follows insights into future clinical developments, including the combination trials for ORIC-944. Lastly, Oppenheimer has revised down ORIC's price target from $17 to $15 ahead of the company's fourth fiscal quarter results, maintaining an Outperform rating. These projections include a year-over-year increase of 5.9% and a quarter-over-quarter rise of 5.6%.
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