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

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

Several other equities research analysts also recently commented on the stock. LADENBURG THALM/SH SH began coverage on shares of Onconova Therapeutics in a research report on Tuesday, March 1st. They set a “buy” rating and a $7.00 target price on the stock. Zacks Investment Research upgraded shares of Onconova Therapeutics from a “hold” rating to a “buy” rating and set a $2.00 price target on the stock in a research report on Wednesday, March 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.00.

Shares of ONTX opened at $1.17 on Tuesday. Onconova Therapeutics has a fifty-two week low of $1.16 and a fifty-two week high of $16.50. The firm has a market capitalization of $24.45 million, a PE ratio of -1.23 and a beta of 1.80. The company’s 50-day moving average is $1.62 and its 200-day moving average is $2.22.

Onconova Therapeutics (NASDAQ:ONTXGet Rating) last released its quarterly earnings results on Thursday, March 17th. The biopharmaceutical company reported ($0.16) EPS for the quarter. Onconova Therapeutics had a negative return on equity of 38.96% and a negative net margin of 7,151.77%. The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.08 million. During the same period in the prior year, the business posted ($0.45) earnings per share. As a group, sell-side analysts expect that Onconova Therapeutics will post -0.76 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of ONTX. GSA Capital Partners LLP purchased a new position in shares of Onconova Therapeutics in the 3rd quarter worth about $922,000. Geode Capital Management LLC boosted its holdings in shares of Onconova Therapeutics by 24.1% in the 3rd quarter. Geode Capital Management LLC now owns 177,430 shares of the biopharmaceutical company’s stock worth $679,000 after buying an additional 34,450 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in shares of Onconova Therapeutics in the 3rd quarter worth about $635,000. Pura Vida Investments LLC purchased a new position in shares of Onconova Therapeutics in the 3rd quarter worth about $575,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Onconova Therapeutics in the 4th quarter worth about $341,000. 11.53% of the stock is currently owned by hedge funds and other institutional investors.

Onconova Therapeutics Company Profile (Get Rating)

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing novel products to treat cancer. It has two clinical-stage programs, including narazaciclib (ON 123300), a multi-targeted kinase inhibitor that is in Phase I study for solid tumors, as well as hematological malignancies as a single agent or in combination with other anti-cancer therapies; and oral rigosertib alone or in combination with PD-1 inhibitor, which is in Phase I/IIa for the treatment of progressive K-Ras mutated non-small cell lung cancer.

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