StockNews.com Begins Coverage on Onconova Therapeutics (NASDAQ:ONTX)

Posted by on Jun 6th, 2023

Research analysts at StockNews.com initiated coverage on shares of Onconova Therapeutics (NASDAQ:ONTX – Get Rating) in a note issued to investors on Tuesday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

Separately, HC Wainwright upgraded Onconova Therapeutics from a “neutral” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Friday, April 21st.

Onconova Therapeutics Price Performance

Shares of Onconova Therapeutics stock opened at $1.24 on Tuesday. Onconova Therapeutics has a one year low of $0.62 and a one year high of $1.52. The firm has a market capitalization of $26.00 million, a price-to-earnings ratio of -1.25 and a beta of 1.78. The business has a 50-day simple moving average of $1.02 and a 200 day simple moving average of $0.90.

Onconova Therapeutics (NASDAQ:ONTX – Get Rating) last issued its earnings results on Thursday, March 16th. The biopharmaceutical company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.01. Onconova Therapeutics had a negative return on equity of 67.03% and a negative net margin of 9,122.57%. The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.08 million. On average, sell-side analysts expect that Onconova Therapeutics will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Onconova Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its stake in shares of Onconova Therapeutics by 154.6% in the 2nd quarter. Millennium Management LLC now owns 61,390 shares of the biopharmaceutical company’s stock worth $81,000 after buying an additional 37,275 shares during the last quarter. Beacon Pointe Advisors LLC boosted its stake in shares of Onconova Therapeutics by 147.0% in the 1st quarter. Beacon Pointe Advisors LLC now owns 46,027 shares of the biopharmaceutical company’s stock worth $85,000 after buying an additional 27,396 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Onconova Therapeutics by 3.6% in the 2nd quarter. Renaissance Technologies LLC now owns 333,323 shares of the biopharmaceutical company’s stock worth $440,000 after buying an additional 11,580 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Onconova Therapeutics by 21.7% in the 3rd quarter. Vanguard Group Inc. now owns 622,958 shares of the biopharmaceutical company’s stock worth $549,000 after buying an additional 110,965 shares during the last quarter. Institutional investors and hedge funds own 8.30% of the company’s stock.

About Onconova Therapeutics

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Onconova Therapeutics, Inc is a clinical-stage biopharmaceutical company, which engages in the identification and development of oncology therapeutics. It focuses on discovering and developing small molecule drug candidates to treat cancer. The company was founded by Ramesh Kumar and E. Premkumar Reddy on December 22, 1998 and is headquartered in Newtown, PA.

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