Short Interest in Onconova Therapeutics Inc (NASDAQ:ONTX) Decreases By 8.2%

Onconova Therapeutics Inc (NASDAQ:ONTX) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 396,300 shares, a drop of 8.2% from the June 30th total of 431,900 shares. Approximately 7.3% of the shares of the company are sold short. Based on an average daily volume of 33,100 shares, the days-to-cover ratio is currently 12.0 days.

In other Onconova Therapeutics news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of Onconova Therapeutics stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $2.83, for a total value of $30,923.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 13,765 shares of company stock worth $40,646 over the last quarter. Company insiders own 9.70% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Onconova Therapeutics by 61.9% during the second quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after purchasing an additional 25,305 shares during the last quarter. Citadel Advisors LLC acquired a new position in Onconova Therapeutics during the second quarter worth $48,000. Finally, Dimensional Fund Advisors LP acquired a new position in Onconova Therapeutics during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 38.62% of the company’s stock.



Several research analysts have weighed in on ONTX shares. ValuEngine downgraded Onconova Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. HC Wainwright set a $25.00 target price on Onconova Therapeutics and gave the company a “buy” rating in a research note on Tuesday, May 14th. Noble Financial initiated coverage on Onconova Therapeutics in a research note on Thursday, July 25th. They issued an “outperform” rating and a $12.00 price target on the stock. Maxim Group set a $8.00 price target on Onconova Therapeutics and gave the company a “buy” rating in a research note on Monday. Finally, Zacks Investment Research upgraded Onconova Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $13.13.

Shares of Onconova Therapeutics stock traded down $0.02 during trading on Thursday, reaching $2.26. The company’s stock had a trading volume of 34,500 shares, compared to its average volume of 78,573. Onconova Therapeutics has a 12-month low of $1.69 and a 12-month high of $11.17. The company has a market capitalization of $13.14 million, a P/E ratio of -0.45 and a beta of 2.70. The business has a 50 day moving average price of $2.58 and a 200-day moving average price of $3.36.

Onconova Therapeutics (NASDAQ:ONTX) last posted its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.98) by $0.38. Onconova Therapeutics had a negative return on equity of 310.58% and a negative net margin of 3,153.42%. The firm had revenue of $2.02 million for the quarter, compared to the consensus estimate of $0.25 million. Analysts predict that Onconova Therapeutics will post -3.78 EPS for the current fiscal year.

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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