Oncolytics Biotech (NASDAQ:ONCY) Trading 1.3% Higher – Here’s Why

Oncolytics Biotech Inc. (NASDAQ:ONCY)’s share price rose 1.3% on Wednesday . The company traded as high as $0.86 and last traded at $0.8535. Approximately 1,728,312 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 1,843,999 shares. The stock had previously closed at $0.8422.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ONCY shares. HC Wainwright increased their price objective on shares of Oncolytics Biotech from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Oncolytics Biotech in a research report on Monday, December 29th. Zacks Research upgraded Oncolytics Biotech from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Wall Street Zen cut Oncolytics Biotech from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Oncolytics Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $6.25.

Oncolytics Biotech Price Performance

The stock has a 50-day moving average price of $0.98 and a 200-day moving average price of $1.07. The company has a market capitalization of $90.60 million, a price-to-earnings ratio of -3.05 and a beta of 0.99.

Oncolytics Biotech (NASDAQ:ONCY) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Equities analysts forecast that Oncolytics Biotech Inc. will post -0.28 earnings per share for the current year.

Insider Activity at Oncolytics Biotech

In related news, Director Bernd R. Seizinger bought 100,000 shares of Oncolytics Biotech stock in a transaction that occurred on Friday, January 16th. The stock was acquired at an average price of $1.04 per share, with a total value of $104,000.00. Following the acquisition, the director owned 466,991 shares of the company’s stock, valued at approximately $485,670.64. This represents a 27.25% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Oncolytics Biotech

Several hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC acquired a new position in shares of Oncolytics Biotech in the third quarter valued at approximately $535,000. Ground Swell Capital LLC bought a new position in Oncolytics Biotech during the 4th quarter worth $30,000. Seeds Investor LLC increased its position in Oncolytics Biotech by 17.8% during the 2nd quarter. Seeds Investor LLC now owns 223,767 shares of the company’s stock worth $173,000 after buying an additional 33,826 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Oncolytics Biotech during the third quarter worth $25,000. 6.82% of the stock is currently owned by institutional investors and hedge funds.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc (NASDAQ: ONCY) is a clinical-stage biotechnology company focused on the development of novel oncolytic viral therapies for the treatment of cancer. The company’s lead investigational agent, pelareorep (Reolysin), is a proprietary formulation of reovirus engineered to selectively infect and destroy tumor cells while stimulating a systemic antitumor immune response. Oncolytics leverages the natural biology of the virus to enhance the activity of standard‐of‐care treatments and immune checkpoint inhibitors.

Pelareorep has progressed into multiple advanced clinical trials, with combination studies conducted in metastatic breast cancer, non‐small cell lung cancer and head and neck cancers.