Oncolytics Biotech (NASDAQ:ONCY) Upgraded to Buy at Zacks Investment Research

Oncolytics Biotech (NASDAQ:ONCYGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $1.50 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 4.90% from the stock’s current price.

According to Zacks, “Oncolytics Biotech, Inc. focuses on the discovery and development of pharmaceutical products for the treatment of a wide variety of human and companion pet cancers. The Company was formed to explore the oncolytic capability of the reovirus, a virus that preferentially replicates in cells with an activated Ras pathway, one of the most common family of genetic defects leading to cancer. “

Other research analysts have also recently issued research reports about the company. HC Wainwright reissued a “buy” rating on shares of Oncolytics Biotech in a research report on Monday, March 7th. Canaccord Genuity Group dropped their price target on Oncolytics Biotech from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, January 27th. Leede Jones Gab reaffirmed a “speculative buy” rating on shares of Oncolytics Biotech in a research report on Friday, March 4th. Finally, Canaccord Genuity Group dropped their price target on Oncolytics Biotech from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, January 27th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $7.13.

NASDAQ ONCY opened at $1.43 on Thursday. The company has a market cap of $82.23 million, a price-to-earnings ratio of -3.67 and a beta of 2.31. Oncolytics Biotech has a 52 week low of $1.25 and a 52 week high of $3.21. The business has a 50 day moving average price of $1.53 and a 200-day moving average price of $1.68.

Oncolytics Biotech (NASDAQ:ONCYGet Rating) last released its quarterly earnings data on Thursday, March 3rd. The company reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.03. On average, equities analysts expect that Oncolytics Biotech will post -0.36 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its stake in shares of Oncolytics Biotech by 12.2% during the 4th quarter. Renaissance Technologies LLC now owns 235,478 shares of the company’s stock valued at $327,000 after purchasing an additional 25,578 shares during the period. Advisor Resource Council bought a new stake in shares of Oncolytics Biotech during the 4th quarter valued at $139,000. Citadel Advisors LLC raised its stake in shares of Oncolytics Biotech by 461.2% during the 4th quarter. Citadel Advisors LLC now owns 95,335 shares of the company’s stock valued at $133,000 after purchasing an additional 78,347 shares during the period. Morgan Stanley raised its stake in shares of Oncolytics Biotech by 79.7% during the 3rd quarter. Morgan Stanley now owns 83,152 shares of the company’s stock valued at $174,000 after purchasing an additional 36,874 shares during the period. Finally, Long Focus Capital Management LLC bought a new stake in shares of Oncolytics Biotech during the 4th quarter valued at $56,000. Institutional investors own 2.10% of the company’s stock.

Oncolytics Biotech Company Profile (Get Rating)

Oncolytics Biotech Inc, a development-stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancer. Its lead product is pelareorep, an intravenously delivered immunotherapeutic agent for the treatment of solid tumors and hematological malignancies.

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