Zacks Investment Research Upgrades Onconova Therapeutics (NASDAQ:ONTX) to Strong-Buy

Onconova Therapeutics (NASDAQ:ONTX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, reports. The firm presently has a $2.50 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.65% from the company’s current price.

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. “

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

NASDAQ ONTX opened at $2.28 on Tuesday. Onconova Therapeutics has a 52-week low of $1.69 and a 52-week high of $11.17. The business’s 50-day moving average price is $2.49 and its 200 day moving average price is $3.33. The firm has a market cap of $13.86 million, a P/E ratio of -0.46 and a beta of 2.70.

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

In other Onconova Therapeutics news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of Onconova Therapeutics 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 13,765 shares of company stock worth $40,646 in the last ninety days. 9.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ONTX. Dimensional Fund Advisors LP purchased a new stake in Onconova Therapeutics in the 4th quarter valued at approximately $28,000. Citadel Advisors LLC purchased a new stake in shares of Onconova Therapeutics during the 2nd quarter worth approximately $48,000. Finally, Vanguard Group Inc. boosted 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 acquiring an additional 25,305 shares in the last quarter. 38.58% of the stock is currently owned by institutional investors.

Onconova Therapeutics Company Profile

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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