Onconetix, Inc. (NASDAQ:ONCO) Short Interest Down 89.2% in May

Onconetix, Inc. (NASDAQ:ONCO) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totaling 56,369 shares, a drop of 89.2% from the April 30th total of 522,813 shares. Based on an average daily volume of 909,336 shares, the short-interest ratio is currently 0.1 days. Approximately 5.0% of the company’s stock are short sold.

Insider Activity

In other news, major shareholder Financial Lp Hrt sold 9,446 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $7.50, for a total transaction of $70,845.00. Following the transaction, the insider directly owned 8,335 shares in the company, valued at approximately $62,512.50. This trade represents a 53.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have purchased 20,153 shares of company stock worth $152,867 and have sold 19,803 shares worth $144,463. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Onconetix stock. Citadel Advisors LLC purchased a new position in Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned about 1.00% of Onconetix at the end of the most recent quarter. 23.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ONCO shares. Weiss Ratings upgraded shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Onconetix from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Onconetix has an average rating of “Sell”.

Onconetix Stock Performance

ONCO traded up $0.10 during trading on Thursday, hitting $1.27. The stock had a trading volume of 304,351 shares, compared to its average volume of 722,016. The stock has a 50 day simple moving average of $11.33 and a two-hundred day simple moving average of $57.45. The company has a market capitalization of $1.45 million, a PE ratio of 0.11 and a beta of 3.01. Onconetix has a twelve month low of $0.91 and a twelve month high of $382.50.

Onconetix (NASDAQ:ONCO) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($67.10) earnings per share (EPS) for the quarter. The company had revenue of $0.02 million during the quarter. Onconetix had a negative return on equity of 101.08% and a negative net margin of 1,316.28%.

Onconetix Company Profile

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. The company was formerly known as Blue Water Biotech, Inc and changed its name to Onconetix, Inc in December 2023. Onconetix, Inc was incorporated in 2018 and is headquartered in Cincinnati, Ohio.