Onconova Therapeutics (NASDAQ:ONTX) Stock Price Crosses Above 50-Day Moving Average of $1.97

Onconova Therapeutics Inc (NASDAQ:ONTX) shares crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $1.97 and traded as high as $0.86. Onconova Therapeutics shares last traded at $0.86, with a volume of 1,602 shares changing hands.

Several equities analysts have recently issued reports on the company. Maxim Group set a $8.00 price target on Onconova Therapeutics and gave the company a “buy” rating in a research note on Monday, September 9th. ValuEngine lowered Onconova Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Noble Financial assumed coverage on Onconova Therapeutics in a research note on Thursday, July 25th. They set an “outperform” rating and a $12.00 price target on the stock. Finally, Zacks Investment Research lowered Onconova Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $11.88.

The firm has a market cap of $4.66 million, a price-to-earnings ratio of -0.16 and a beta of 2.54. The firm has a 50 day moving average price of $1.87 and a 200-day moving average price of $2.93.

Onconova Therapeutics (NASDAQ:ONTX) last issued its quarterly earnings results on Wednesday, August 14th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating the 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 business had revenue of $2.02 million for the quarter, compared to analyst estimates of $0.25 million. Research analysts predict that Onconova Therapeutics Inc will post -3.49 earnings per share for the current fiscal year.

In related news, insider 683 Capital Management, Llc sold 506,877 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $2.03, for a total value of $1,028,960.31. Also, major shareholder Tyndall Capital Partners L. P sold 75,119 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $1.62, for a total value of $121,692.78. The disclosure for this sale can be found here. Insiders have sold 671,280 shares of company stock worth $1,307,088 in the last ninety days. 9.70% of the stock is currently owned by insiders.

A hedge fund recently raised its stake in Onconova Therapeutics stock. Vanguard Group Inc. boosted its stake in Onconova Therapeutics Inc (NASDAQ:ONTX) by 61.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,168 shares of the biopharmaceutical company’s stock after purchasing an additional 25,305 shares during the quarter. Vanguard Group Inc. owned about 1.10% of Onconova Therapeutics worth $189,000 as of its most recent SEC filing. 39.47% of the stock is owned by institutional investors and hedge funds.

About Onconova Therapeutics (NASDAQ:ONTX)

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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