Onconova Therapeutics (NASDAQ:ONTX) Shares Gap Down to $1.80

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Onconova Therapeutics Inc (NASDAQ:ONTX)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $1.86, but opened at $1.80. Onconova Therapeutics shares last traded at $1.76, with a volume of 4,655,080 shares changing hands.

Several brokerages have commented on ONTX. Noble Financial began coverage on shares of Onconova Therapeutics in a research note on Thursday, July 25th. They issued an “outperform” rating and a $12.00 target price for the company. ValuEngine raised shares of Onconova Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Zacks Investment Research raised shares of Onconova Therapeutics from a “hold” rating to a “strong-buy” rating and set a $2.50 target price for the company in a research note on Tuesday, August 20th. Finally, Maxim Group set a $8.00 target price on shares of Onconova Therapeutics and gave the company a “buy” rating in a research note on Monday, September 9th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Onconova Therapeutics has an average rating of “Buy” and an average price target of $11.88.

The company’s 50 day simple moving average is $2.36 and its 200 day simple moving average is $3.18. The stock has a market cap of $10.80 million, a P/E ratio of -0.33 and a beta of 2.64.

Onconova Therapeutics (NASDAQ:ONTX) last issued its quarterly earnings data on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.98) by $0.38. Onconova Therapeutics had a negative net margin of 976.64% and a negative return on equity of 872.01%. The company had revenue of $2.02 million during the quarter, compared to the consensus estimate of $0.25 million. As a group, analysts forecast that Onconova Therapeutics Inc will post -3.49 EPS for the current year.

In other news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $2.83, for a total transaction of $30,923.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 15,812 shares of company stock valued at $46,283 in the last three months. 9.70% of the stock is owned by insiders.

A hedge fund recently bought a new stake in Onconova Therapeutics stock. Citadel Advisors LLC bought a new position in shares of Onconova Therapeutics Inc (NASDAQ:ONTX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,713 shares of the biopharmaceutical company’s stock, valued at approximately $48,000. Citadel Advisors LLC owned about 0.28% of Onconova Therapeutics at the end of the most recent quarter. Institutional investors and hedge funds own 39.47% of the company’s stock.

Onconova Therapeutics Company Profile (NASDAQ:ONTX)

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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