Oracle investors are in need of some good news, but they may need to wait more than a month for that to arrive.

The stock fell 1.9% to $141.94 on Tuesday and was on pace to close lower for a fifth consecutive trading session. At last check, Oracle stock has fallen nearly 13% since the closing bell on Sept. 8.

Shares kept trading lower after ending Monday down 3.7% following co-founder Larry Ellison scrapping a plan to sell $7.5 billion of shares.

Oracle also has recently traded as a proxy for OpenAI's looming initial public offering, but OpenAI CEO Sam Altman over the weekend ruled out an IPO in 2026, citing artificial-intelligence safety fears.

Even before this week's stock market action, Oracle investors couldn't catch a break. Shares declined 1.7% on Friday even as Oracle posted solid first-quarter earnings with sales from its cloud infrastructure segment, which rents out AI servers over the internet, rising 121% from last year to $7.4 billion.

All of this has spelled trouble for investors in the software and AI cloud provider. The next big catalyst for the stock, however, could be company's investor day on Oct. 28, according to Mizuho Securities.

"We remain constructive on Oracle's execution," analyst Siti Panigrahi wrote.

The firm reiterated its Outperform rating on Oracle stock along with its $320 price target. That price target represented 125% upside from current trading levels on Tuesday.

But with that bullish view comes patience and Panigrahi noted that the upcoming investor day is where investor attention should be focused.

"We expect management to update the long-term financial targets," the analyst wrote. "We also expect detail on the multi-year margin trajectory and funding plan and potential free cash flow inflection timeline."

"We view the event as more likely a positive catalyst for ORCL shares," Panigrahi added.

It would be about time for a positive catalyst. Shares have fallen 43% since closing at $248.15 on June 1. Looking further out, the stock has dropped 27% this year and 54% over the past 12 months.

Oracle investors could take solace knowing that the stock was testing support Tuesday at its 50-day moving average, around the $140.50 level. But a lot can happen between Tuesday and Oct. 28.