Onconova Therapeutics (NASDAQ:ONTX) Shares Gap Up to $0.34

Onconova Therapeutics Inc (NASDAQ:ONTX)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $0.34, but opened at $0.34. Onconova Therapeutics shares last traded at $0.32, with a volume of 16,415,199 shares trading hands.

ONTX has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Onconova Therapeutics from a “hold” rating to a “buy” rating and set a $0.75 price objective on the stock in a report on Wednesday, October 30th. Maxim Group downgraded Onconova Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Noble Financial reissued a “buy” rating and issued a $12.00 target price on shares of Onconova Therapeutics in a research note on Tuesday, October 29th. Finally, ValuEngine downgraded shares of Onconova Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $11.44.

The stock has a market capitalization of $1.13 million, a price-to-earnings ratio of -0.06 and a beta of 2.22. The business’s 50 day simple moving average is $0.49 and its 200-day simple moving average is $2.00.

In related news, Director E Premkumar Reddy bought 500,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $0.20 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now directly owns 544,546 shares of the company’s stock, valued at approximately $108,909.20. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Tyndall Capital Partners L. P sold 49,995 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $2.10, for a total transaction of $104,989.50. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 833,315 shares of company stock valued at $182,503 and sold 671,280 shares valued at $1,307,088. 9.70% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in ONTX. Citadel Advisors LLC bought a new stake in shares of Onconova Therapeutics in the 2nd quarter valued at about $48,000. Vanguard Group Inc. increased its position in shares of Onconova Therapeutics by 61.9% during the second quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after buying an additional 25,305 shares during the period. Finally, Sabby Management LLC bought a new position in Onconova Therapeutics during the third quarter worth $682,000. Institutional investors own 44.67% of the company’s stock.

Onconova Therapeutics Company Profile (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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