ValuEngine Upgrades Onconova Therapeutics (ONTX) to “Buy”

ValuEngine upgraded shares of Onconova Therapeutics (NASDAQ:ONTX) from a hold rating to a buy rating in a research note published on Thursday.

ONTX has been the topic of several other reports. HC Wainwright reissued a buy rating and set a $25.00 price target on shares of Onconova Therapeutics in a research report on Thursday, September 27th. Maxim Group lowered their price objective on shares of Onconova Therapeutics from $45.00 to $16.00 and set a buy rating on the stock in a research note on Thursday, October 11th. Finally, Zacks Investment Research upgraded shares of Onconova Therapeutics from a hold rating to a buy rating and set a $7.50 price target on the stock in a research note on Saturday, August 18th.

ONTX traded down $0.11 during trading on Thursday, hitting $5.60. The company had a trading volume of 60,373 shares, compared to its average volume of 102,188. The stock has a market capitalization of $31.77 million, a P/E ratio of -0.14 and a beta of 1.14. Onconova Therapeutics has a one year low of $4.95 and a one year high of $39.97.

Onconova Therapeutics (NASDAQ:ONTX) last posted its quarterly earnings data on Tuesday, August 14th. The biopharmaceutical company reported ($1.05) EPS for the quarter, beating the consensus estimate of ($1.20) by $0.15. The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $0.52 million. As a group, equities research analysts predict that Onconova Therapeutics will post -4.62 EPS for the current fiscal year.

In other Onconova Therapeutics news, Director Michael B. Hoffman sold 99,999 shares of the stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $0.45, for a total transaction of $44,999.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.50% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in ONTX. 683 Capital Management LLC lifted its holdings in shares of Onconova Therapeutics by 444.2% during the 2nd quarter. 683 Capital Management LLC now owns 14,503,169 shares of the biopharmaceutical company’s stock worth $5,867,000 after acquiring an additional 11,838,235 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Onconova Therapeutics during the 2nd quarter worth approximately $1,456,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Onconova Therapeutics by 456.1% during the 2nd quarter. Renaissance Technologies LLC now owns 819,712 shares of the biopharmaceutical company’s stock worth $332,000 after acquiring an additional 672,312 shares during the period.

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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