Onconova Therapeutics Inc (NASDAQ:ONTX) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 396,300 shares, a decrease of 8.2% from the June 30th total of 431,900 shares. Currently, 7.3% of the company’s shares are sold short. Based on an average daily volume of 33,100 shares, the days-to-cover ratio is presently 12.0 days.
A number of research firms have issued reports on ONTX. Maxim Group set a $8.00 price target on Onconova Therapeutics and gave the company a “buy” rating in a research report on Monday. Zacks Investment Research raised Onconova Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. ValuEngine downgraded Onconova Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Noble Financial began coverage on Onconova Therapeutics in a research report on Thursday, July 25th. They set an “outperform” rating and a $12.00 price target for the company. Finally, HC Wainwright set a $25.00 price target on Onconova Therapeutics and gave the company a “buy” rating in a research report on Tuesday, May 14th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Onconova Therapeutics currently has an average rating of “Buy” and a consensus price target of $13.13.
ONTX stock traded down $0.02 during trading on Thursday, reaching $2.26. 34,500 shares of the stock traded hands, compared to its average volume of 78,573. The business’s 50 day moving average price is $2.58 and its 200-day moving average price is $3.36. Onconova Therapeutics has a 52-week low of $1.69 and a 52-week high of $11.17. The firm has a market capitalization of $13.14 million, a PE ratio of -0.45 and a beta of 2.70.
In related news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $2.83, for a total value of $30,923.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 13,765 shares of company stock valued at $40,646 over the last quarter. Insiders own 9.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ONTX. Dimensional Fund Advisors LP purchased a new stake in shares of Onconova Therapeutics in the fourth quarter worth about $28,000. Citadel Advisors LLC purchased a new stake in shares of Onconova Therapeutics in the second quarter worth about $48,000. Finally, Vanguard Group Inc. boosted its position in shares of Onconova Therapeutics by 61.9% in the second quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after buying an additional 25,305 shares during the period. 38.62% of the stock is owned by institutional investors.
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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