Onconova Therapeutics (NASDAQ:ONTX) Raised to “Buy” at Zacks Investment Research

Onconova Therapeutics (NASDAQ:ONTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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. “

Other research analysts also recently issued research reports about the company. Noble Financial initiated coverage on Onconova Therapeutics in a research note on Thursday, July 25th. They set an “outperform” rating and a $12.00 price target for the company. ValuEngine downgraded Onconova Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Maxim Group set a $8.00 price target on Onconova Therapeutics and gave the stock a “buy” rating in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Onconova Therapeutics currently has an average rating of “Buy” and a consensus target price of $11.50.

Shares of NASDAQ:ONTX opened at $1.11 on Friday. The company has a market capitalization of $5.41 million, a PE ratio of -0.22 and a beta of 2.54. The business has a fifty day moving average price of $1.48 and a two-hundred day moving average price of $2.74. Onconova Therapeutics has a 1 year low of $0.71 and a 1 year high of $6.05.

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

In related news, major shareholder Tyndall Capital Partners L. P sold 37,242 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.23, for a total transaction of $45,807.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Tyndall Capital Partners L. P sold 49,995 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $2.10, for a total value of $104,989.50. The disclosure for this sale can be found here. Insiders have sold a total of 671,280 shares of company stock valued at $1,307,088 in the last quarter. 9.70% of the stock is owned by corporate insiders.

An institutional investor recently bought a new position in Onconova Therapeutics stock. Citadel Advisors LLC purchased a new stake in Onconova Therapeutics Inc (NASDAQ:ONTX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,713 shares of the biopharmaceutical company’s stock, valued at approximately $48,000. Citadel Advisors LLC owned approximately 0.28% of Onconova Therapeutics as of its most recent SEC filing. 39.47% of the stock is currently owned by institutional investors and hedge funds.

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.

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