Dominic Piscitelli, Chief Financial Officer of Oric Pharmaceuticals, Inc. (NASDAQ:ORIC), recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Piscitelli sold 8,851 shares of common stock on December 16, 2024, at an average price of $8.2813 per share, totaling approximately $73,297. This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) and was not a discretionary sale by the executive. The stock, which has declined about 9% over the past week according to InvestingPro data, currently trades near its Fair Value.
Additionally, on December 15, 2024, Piscitelli acquired 24,042 shares of common stock through the exercise of restricted stock units. These transactions reflect the ongoing management of equity compensation by the company's executive team. Following these transactions, Piscitelli holds a total of 106,764 shares of Oric Pharmaceuticals. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 13.15, though it faces challenges with rapid cash burn. Subscribers can access 8 additional key insights about ORIC's financial health and future prospects.
In other recent news, ORIC Pharmaceuticals has been making significant strides in its drug development. The company's drug candidate, ORIC-114, demonstrated superior potency and selectivity in preclinical studies for treating non-small cell lung cancer (NSCLC). In addition, 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.
Jones Trading initiated coverage on ORIC Pharmaceuticals assigning a Buy rating with a $17 price target. The firm sees a potential market opportunity for ORIC's '114, similar to Alecensa, which generated sales of $1.7 billion in 2023 in ALK+ NSCLC. They also project probability-adjusted worldwide peak sales of approximately $350 million in 2035 for ORIC's NSCLC treatment and about $575 million in 2036 for metastatic castration-resistant prostate cancer.
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.
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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