Zacks Investment Research upgraded shares of Onconova Therapeutics (NASDAQ:ONTX) from a hold rating to a strong-buy rating in a research note released on Tuesday morning, Zacks.com reports. The firm currently has $2.50 price objective 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 subject of a number of other reports. Noble Financial began coverage on Onconova Therapeutics in a report on Thursday, July 25th. They set an outperform rating and a $12.00 price target for the company. ValuEngine cut Onconova Therapeutics from a buy rating to a hold rating in a report on Friday, August 2nd. HC Wainwright set a $25.00 price target on Onconova Therapeutics and gave the stock a buy rating in a report on Tuesday, May 14th. Finally, Maxim Group set a $8.00 price target on Onconova Therapeutics and gave the stock a buy rating in a report on Monday, August 12th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $11.88.
NASDAQ ONTX opened at $2.35 on Tuesday. The stock has a market cap of $14.10 million, a PE ratio of -0.47 and a beta of 2.70. Onconova Therapeutics has a twelve month low of $1.69 and a twelve month high of $11.17. The stock has a fifty day simple moving average of $2.47 and a 200-day simple moving average of $3.32.
Onconova Therapeutics (NASDAQ:ONTX) last released its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.38. The business had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $0.25 million. Onconova Therapeutics had a negative return on equity of 872.01% and a negative net margin of 976.64%. Analysts expect that Onconova Therapeutics will post -3.49 EPS for the current fiscal year.
In related news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $2.83, for a total transaction of $30,923.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 13,765 shares of company stock valued at $40,646 over the last 90 days. 9.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP acquired a new stake in shares of Onconova Therapeutics during the 4th quarter worth about $28,000. Citadel Advisors LLC acquired a new stake in shares of Onconova Therapeutics during the 2nd quarter worth about $48,000. Finally, Vanguard Group Inc. raised its position in shares of Onconova Therapeutics by 61.9% during the 2nd quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after acquiring an additional 25,305 shares in the last quarter. Institutional investors own 38.58% of the company’s stock.
About Onconova Therapeutics
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.
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