Onconova Therapeutics (NASDAQ:ONTX) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Onconova Therapeutics (NASDAQ:ONTX) from a buy rating to a hold rating in a report issued on Saturday morning, Zacks.com reports.

According to Zacks, “Onconova Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on discovering and developing small molecule drug candidates to treat cancer. The Company’s products under different phases of development include Rigosertib intravenous (IV), Rigosertib Oral, Rigosertib IV, ON 013105 and Recilisib. Onconova Therapeutics, Inc. is headquartered in Newtown, Pennsylvania. “

Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Onconova Therapeutics from a buy rating to a hold rating in a report on Monday, September 30th. Noble Financial initiated coverage on shares of Onconova Therapeutics in a report on Thursday, July 25th. They set an outperform rating and a $12.00 price target on the stock. Finally, Maxim Group set a $8.00 price target on shares of Onconova Therapeutics and gave the company a buy rating in a report on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Onconova Therapeutics has a consensus rating of Buy and an average target price of $11.88.

Shares of NASDAQ ONTX opened at $0.86 on Friday. The firm’s 50-day moving average price is $1.45 and its 200-day moving average price is $2.73. The company has a market cap of $5.41 million, a PE ratio of -0.17 and a beta of 2.54. Onconova Therapeutics has a 52-week low of $0.71 and a 52-week high of $6.05.

Onconova Therapeutics (NASDAQ:ONTX) last announced its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.38. The firm had revenue of $2.02 million for the quarter, compared to the consensus estimate of $0.25 million. Onconova Therapeutics had a negative net margin of 976.64% and a negative return on equity of 872.01%. As a group, equities research analysts forecast that Onconova Therapeutics will post -3.49 EPS for the current fiscal year.

In other news, major shareholder Tyndall Capital Partners L. P sold 37,242 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.23, for a total value of $45,807.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider 683 Capital Management, Llc sold 506,877 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $2.03, for a total transaction of $1,028,960.31. Insiders sold a total of 671,280 shares of company stock worth $1,307,088 in the last quarter. Company insiders own 9.70% of the company’s stock.

An institutional investor recently bought a new position in Onconova Therapeutics stock. Citadel Advisors LLC acquired a new position in Onconova Therapeutics Inc (NASDAQ:ONTX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,713 shares of the biopharmaceutical company’s stock, valued at approximately $48,000. Citadel Advisors LLC owned 0.28% of Onconova Therapeutics as of its most recent SEC filing. Institutional investors and hedge funds own 39.47% of the company’s stock.

Onconova Therapeutics Company Profile

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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