Onconova Therapeutics (ONTX) Trading 25.5% Higher

Onconova Therapeutics Inc (NASDAQ:ONTX)’s share price traded up 25.5% during mid-day trading on Thursday . The company traded as high as $0.52 and last traded at $0.64. 332,381 shares were traded during trading, a decline of 85% from the average session volume of 2,184,520 shares. The stock had previously closed at $0.51.

Several research firms have commented on ONTX. Zacks Investment Research cut shares of Onconova Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, May 10th. HC Wainwright set a $3.00 target price on shares of Onconova Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, May 15th. Maxim Group reissued a “hold” rating on shares of Onconova Therapeutics in a research report on Thursday, March 8th. Finally, ValuEngine raised shares of Onconova Therapeutics from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Five equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $3.17.

The stock has a market capitalization of $32.75 million, a P/E ratio of -0.23 and a beta of 0.44.

Onconova Therapeutics (NASDAQ:ONTX) last posted its earnings results on Tuesday, May 15th. The biopharmaceutical company reported ($0.34) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.05. The firm had revenue of $0.56 million for the quarter, compared to the consensus estimate of $0.48 million. sell-side analysts expect that Onconova Therapeutics Inc will post -1 EPS for the current year.

In other news, major shareholder 683 Capital Management, Llc bought 11,838,235 shares of the company’s stock in a transaction on Friday, April 27th. The shares were purchased at an average price of $0.43 per share, with a total value of $5,090,441.05. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 9.70% of the stock is owned by company insiders.

An institutional investor recently raised its position in Onconova Therapeutics stock. 683 Capital Management LLC increased its stake in Onconova Therapeutics Inc (NASDAQ:ONTX) by 24.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 464,934 shares of the biopharmaceutical company’s stock after purchasing an additional 89,934 shares during the quarter. 683 Capital Management LLC owned approximately 4.32% of Onconova Therapeutics worth $697,000 at the end of the most recent quarter. Institutional investors own 9.14% of the company’s stock.

About Onconova Therapeutics

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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