Onconova Therapeutics (ONTX) Upgraded by Zacks Investment Research to “Buy”

Onconova Therapeutics (NASDAQ:ONTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $1.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 44.93% from the company’s current price.

According to Zacks, “Onconova Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on discovering and developing small molecule drug candidates to treat cancer. The Company’s products under different phases of development include Rigosertib intravenous (IV), Rigosertib Oral, Rigosertib IV, ON 013105 and Recilisib. Onconova Therapeutics, Inc. is headquartered in Newtown, Pennsylvania. “

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Several other equities research analysts also recently issued reports on the company. HC Wainwright set a $8.00 target price on Onconova Therapeutics and gave the stock a “buy” rating in a research report on Monday, March 26th. Maxim Group downgraded Onconova Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, January 17th. Finally, ValuEngine upgraded Onconova Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $6.25.

Onconova Therapeutics stock opened at $0.69 on Wednesday. The company has a market capitalization of $14.87, a P/E ratio of -0.26 and a beta of 0.34. Onconova Therapeutics has a 12 month low of $0.69 and a 12 month high of $2.83.

Onconova Therapeutics (NASDAQ:ONTX) last posted its earnings results on Thursday, March 8th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.10. The company had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $0.31 million. equities analysts expect that Onconova Therapeutics will post -1.41 EPS for the current year.

In other news, major shareholder 683 Capital Management, Llc purchased 200,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were purchased at an average price of $1.04 per share, with a total value of $208,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.30% of the company’s stock.

An institutional investor recently raised its position in Onconova Therapeutics stock. 683 Capital Management LLC lifted its position in Onconova Therapeutics Inc. (NASDAQ:ONTX) by 24.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 464,934 shares of the biopharmaceutical company’s stock after purchasing an additional 89,934 shares during the quarter. 683 Capital Management LLC owned about 4.32% of Onconova Therapeutics worth $697,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 12.44% of the company’s stock.

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Onconova Therapeutics Company Profile

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule drug candidates to treat cancer. The company's clinical-stage product candidates include Rigosertib IV, which is in Phase III clinical trials for patients with higher risk myelodysplastic syndromes (MDS); Rigosertib oral in combination with azacitidine that is in Phase II clinical trials for patients with MDS and acute myelogenous leukemia; and Rigosertib oral, which is in Phase II clinical trials for patients with lower risk MDS.

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