Onconova Therapeutics (NASDAQ:ONTX) Upgraded by Zacks Investment Research to “Strong-Buy”

Zacks Investment Research upgraded shares of Onconova Therapeutics (NASDAQ:ONTX) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has $2.50 target price on the biopharmaceutical company’s stock.

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. “

Several other research firms have also commented on ONTX. Maxim Group set a $8.00 price objective on Onconova Therapeutics and gave the stock a buy rating in a research report on Monday, August 12th. HC Wainwright set a $25.00 price objective on Onconova Therapeutics and gave the stock a buy rating in a research report on Tuesday, May 14th. Noble Financial began coverage on Onconova Therapeutics in a research report on Thursday, July 25th. They issued an outperform rating and a $12.00 price objective on the stock. Finally, ValuEngine lowered Onconova Therapeutics from a buy rating to a hold rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $11.88.

Shares of NASDAQ ONTX opened at $2.35 on Tuesday. The business’s 50 day moving average price is $2.47 and its 200 day moving average price is $3.32. The firm has a market cap of $14.10 million, a P/E ratio of -0.47 and a beta of 2.70. Onconova Therapeutics has a 52 week low of $1.69 and a 52 week high of $11.17.

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

In other Onconova Therapeutics news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $2.83, for a total value of $30,923.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders sold 13,765 shares of company stock worth $40,646. Insiders own 9.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new position in shares of Onconova Therapeutics during the 4th quarter worth approximately $28,000. Citadel Advisors LLC acquired a new position in shares of Onconova Therapeutics during the 2nd quarter worth approximately $48,000. Finally, Vanguard Group Inc. raised its stake in shares of Onconova Therapeutics by 61.9% during the 2nd quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after buying an additional 25,305 shares during the period. 38.58% 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.

Featured Story: Day Trading – Risk Worth the Reward?

Get a free copy of the Zacks research report on Onconova Therapeutics (ONTX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Onconova Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Onconova Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.