Onconova Therapeutics Inc (NASDAQ:ONTX) was the target of a large decrease in short interest in 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. Based on an average daily volume of 33,100 shares, the days-to-cover ratio is presently 12.0 days. Currently, 7.3% of the company’s stock are short sold.
Several brokerages have recently weighed in on ONTX. Zacks Investment Research raised shares of Onconova Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Maxim Group set a $8.00 price target on shares of Onconova Therapeutics and gave the stock a “buy” rating in a research note on Monday, August 12th. ValuEngine cut shares of Onconova Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. HC Wainwright set a $25.00 price target on shares of Onconova Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, May 14th. Finally, Noble Financial began coverage on shares of Onconova Therapeutics in a research note on Thursday, July 25th. They set an “outperform” rating and a $12.00 price target for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $13.13.
Shares of ONTX opened at $2.15 on Friday. The stock has a market capitalization of $13.68 million, a P/E ratio of -0.43 and a beta of 2.70. Onconova Therapeutics has a twelve month low of $1.69 and a twelve month high of $11.17. The company has a 50 day moving average of $2.56 and a 200-day moving average of $3.36.
Onconova Therapeutics (NASDAQ:ONTX) last issued its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.38. The company had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $0.25 million. Onconova Therapeutics had a negative net margin of 976.64% and a negative return on equity of 451.91%. Equities research analysts forecast that Onconova Therapeutics will post -3.78 EPS for the current year.
In related news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $2.83, for a total transaction of $30,923.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 13,765 shares of company stock valued at $40,646. 9.70% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in ONTX. Vanguard Group Inc. grew its stake 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 valued at $189,000 after buying an additional 25,305 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Onconova Therapeutics in the second quarter valued at $48,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Onconova Therapeutics in the fourth quarter valued at $28,000. 38.62% of the stock is owned by institutional investors and hedge funds.
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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