In recent transactions disclosed by Oric Pharmaceuticals, Inc. (NASDAQ:ORIC), Chief Medical (TASE:PMCN) Officer Pratik S. Multani sold 8,850 shares of the company's common stock. The shares were sold at an average price of $8.2817, totaling approximately $73,293. The transaction comes as the stock has experienced an 8.65% decline over the past week, according to InvestingPro data. With analyst price targets ranging from $13 to $25, the company currently maintains a Fair overall financial health rating. This sale occurred on December 16, 2024, and was part of a transaction to cover tax withholding obligations related to the vesting of restricted stock units (RSUs).
Additionally, on December 15, 2024, Multani acquired 24,042 shares of common stock through the exercise of RSUs. These transactions were conducted at no cost as part of Multani's compensation package. Following these transactions, Multani holds 46,765 shares of Oric Pharmaceuticals' common stock.
In other recent news, ORIC Pharmaceuticals has been making strides in its drug development program. The company's drug candidate, ORIC-114, demonstrated superior potency and selectivity in preclinical studies for treating non-small cell lung cancer (NSCLC). Furthermore, ORIC Pharmaceuticals 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.
Jones Trading has initiated coverage on ORIC Pharmaceuticals with a Buy rating and a $17 price target, highlighting the company's focus on developing targeted therapeutics for NSCLC and metastatic prostate cancer. Stifel has followed suit, starting coverage with a Buy rating and a $20 target, emphasizing ORIC's potential in the prostate cancer treatment market. Meanwhile, H.C. Wainwright has maintained its Buy rating and $21 price target for ORIC Pharmaceuticals, undeterred by new data presented by competitor Ipsen (EPA:IPN).
Citi has adjusted its price target for ORIC from $15 to $14, maintaining a 'Buy' rating, following insights into future clinical developments. 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%.
These are among the recent developments for ORIC Pharmaceuticals, as the company continues to advance in its drug development initiatives and gains recognition from various analyst firms for its potential in the market.
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