Investors Purchase Large Volume of Call Options on Oncternal Therapeutics (NASDAQ:ONCT)

Oncternal Therapeutics, Inc. (NASDAQ:ONCT) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 8,279 call options on the stock. This represents an increase of approximately 680% compared to the typical volume of 1,061 call options.

ONCT has been the subject of a number of analyst reports. HC Wainwright lifted their target price on shares of Oncternal Therapeutics from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Thursday, March 18th. Zacks Investment Research raised shares of Oncternal Therapeutics from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Tuesday, March 23rd. Brookline Capital Acquisition began coverage on shares of Oncternal Therapeutics in a report on Tuesday, March 30th. They issued a “buy” rating and a $16.00 target price on the stock. Oppenheimer initiated coverage on shares of Oncternal Therapeutics in a research note on Tuesday. They issued an “outperform” rating and a $14.00 price target on the stock. Finally, Northland Securities began coverage on shares of Oncternal Therapeutics in a research report on Tuesday, February 23rd. They set an “outperform” rating and a $21.00 target price on the stock. Six analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $14.33.

Shares of ONCT traded up $0.73 during trading hours on Wednesday, reaching $9.39. 9,890,600 shares of the stock traded hands, compared to its average volume of 1,683,164. The stock has a fifty day simple moving average of $7.45 and a 200 day simple moving average of $4.76. Oncternal Therapeutics has a 52 week low of $1.49 and a 52 week high of $10.56. The company has a market cap of $462.75 million, a price-to-earnings ratio of -8.24 and a beta of 1.66.

Oncternal Therapeutics (NASDAQ:ONCT) last released its quarterly earnings results on Thursday, March 11th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. Oncternal Therapeutics had a negative net margin of 746.10% and a negative return on equity of 150.58%. As a group, sell-side analysts expect that Oncternal Therapeutics will post -0.89 EPS for the current year.

A number of hedge funds have recently made changes to their positions in ONCT. Morgan Stanley raised its position in Oncternal Therapeutics by 25.8% in the third quarter. Morgan Stanley now owns 26,842 shares of the company’s stock worth $46,000 after acquiring an additional 5,500 shares during the period. Nantahala Capital Management LLC bought a new stake in Oncternal Therapeutics in the third quarter worth about $2,041,000. Vigilare Wealth Management bought a new stake in shares of Oncternal Therapeutics in the fourth quarter valued at approximately $110,000. XTX Markets LLC bought a new stake in shares of Oncternal Therapeutics in the fourth quarter valued at approximately $53,000. Finally, BlackRock Inc. raised its position in shares of Oncternal Therapeutics by 430.0% in the fourth quarter. BlackRock Inc. now owns 343,022 shares of the company’s stock valued at $1,682,000 after purchasing an additional 278,306 shares during the period. 10.79% of the stock is currently owned by institutional investors and hedge funds.

Oncternal Therapeutics Company Profile

Oncternal Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops oncology therapies for the treatment of cancers with critical unmet medical need. The company's product pipeline include cirmtuzumab, a monoclonal antibody designed to inhibit the receptor-tyrosine kinase-like orphan receptor 1 (ROR1) that is in Phase I/II clinical trial in combination with ibrutinib for the treatment of patients with mantle cell lymphoma and chronic lymphocytic leukemia; and is in Phase Ib clinical trial in combination with paclitaxel for the treatment of women with human epidermal growth factor receptor 2-negative metastatic or breast cancer.

Further Reading: Neutral Rating

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