Short Interest in Onconetix, Inc. (NASDAQ:ONCO) Rises By 230.7%

Onconetix, Inc. (NASDAQ:ONCO) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 61,615 shares, an increase of 230.7% from the June 15th total of 18,630 shares. Based on an average trading volume of 1,078,344 shares, the days-to-cover ratio is currently 0.1 days. Approximately 5.4% of the shares of the company are short sold.

Onconetix Stock Down 1.5%

ONCO traded down $0.01 during trading on Tuesday, reaching $0.85. 245,874 shares of the company were exchanged, compared to its average volume of 749,423. The company’s 50-day moving average is $1.64 and its two-hundred day moving average is $29.02. The company has a market cap of $967,518.00, a price-to-earnings ratio of 0.07 and a beta of 2.69. Onconetix has a 12-month low of $0.80 and a 12-month high of $270.00.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ONCO. Wall Street Zen lowered shares of Onconetix from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings downgraded shares of Onconetix from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday, June 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Onconetix has an average rating of “Sell”.

Insider Transactions at Onconetix

In related news, major shareholder Financial Lp Hrt sold 4,971 shares of the business’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $6.90, for a total value of $34,299.90. Following the sale, the insider directly owned 3,364 shares in the company, valued at approximately $23,211.60. The trade was a 59.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 19,803 shares of company stock valued at $144,463. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC acquired a new stake in Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 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.

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. 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.