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

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Zacks Investment Research upgraded shares of Onconova Therapeutics (NASDAQ:ONTX) from a hold rating to a buy rating in a research report sent to investors on Saturday. They currently have $0.50 price target on the biopharmaceutical company’s stock.

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. “

ONTX has been the topic of a number of other reports. Maxim Group raised Onconova Therapeutics from a hold rating to a buy rating in a research report on Wednesday, May 2nd. HC Wainwright set a $3.00 target price on Onconova Therapeutics and gave the stock a buy rating in a research report on Tuesday, May 15th. Finally, ValuEngine raised Onconova Therapeutics from a hold rating to a buy rating in a research report on Wednesday, May 2nd.

Shares of Onconova Therapeutics stock opened at $0.41 on Friday. The firm has a market cap of $33.98 million, a PE ratio of -0.15 and a beta of 0.54. Onconova Therapeutics has a 12-month low of $0.33 and a 12-month high of $2.83.

Onconova Therapeutics (NASDAQ:ONTX) last announced its earnings results on Tuesday, August 14th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $0.49 million for the quarter, compared to analyst estimates of $0.52 million. research analysts anticipate that Onconova Therapeutics will post -0.34 EPS for the current fiscal year.

An institutional investor recently bought a new position in Onconova Therapeutics stock. Point72 Asset Management L.P. bought a new position in shares of Onconova Therapeutics Inc (NASDAQ:ONTX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,600,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,456,000. Point72 Asset Management L.P. owned 4.64% of Onconova Therapeutics as of its most recent SEC filing. Institutional investors own 9.41% of the company’s stock.

Onconova Therapeutics Company Profile

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

Further Reading: Understanding Analyst Recommendations

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