Onconetix, Inc. (NASDAQ:ONCO) Sees Large Drop in Short Interest

Onconetix, Inc. (NASDAQ:ONCO) was the recipient of a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 75,300 shares, adropof24.5% from the July 15th total of 99,800 shares. Approximately34.3% of the shares of the stock are sold short. Based on an average daily volume of 785,700 shares, the short-interest ratio is currently 0.1 days. Based on an average daily volume of 785,700 shares, the short-interest ratio is currently 0.1 days. Approximately34.3% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Onconetix from a “hold” rating to a “sell” rating in a research report on Sunday, June 22nd.

Institutional Trading of Onconetix

An institutional investor recently bought a new position in Onconetix stock. Millennium Management LLC purchased a new stake in Onconetix, Inc. (NASDAQ:ONCO) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 39,477 shares of the company’s stock, valued at approximately $25,000. Millennium Management LLC owned about 0.48% of Onconetix as of its most recent filing with the SEC. 23.89% of the stock is owned by institutional investors and hedge funds.

Onconetix Trading Up 5.7%

Shares of NASDAQ ONCO opened at $2.97 on Friday. The firm’s fifty day moving average is $3.78 and its two-hundred day moving average is $10.64. Onconetix has a 52-week low of $2.61 and a 52-week high of $552.50.

Onconetix (NASDAQ:ONCO) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($4.05) earnings per share (EPS) for the quarter. The company had revenue of $0.11 million during the quarter. Onconetix had a negative net margin of 3,327.03% and a negative return on equity of 192.74%.

About Onconetix

Onconetix, Inc, a biotechnology company, focuses on the research, development, and commercialization of solutions for men's health and oncology. It offers Entadfi, an FDA-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia; and Proclarix, an in vitro protein-based blood diagnostic test for prostate cancer.