Onconova Therapeutics (NASDAQ:ONTX) Announces Quarterly Earnings Results

Onconova Therapeutics (NASDAQ:ONTX – Get Rating) announced its earnings results on Wednesday. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01), MarketWatch Earnings reports. Onconova Therapeutics had a negative net margin of 6,889.38% and a negative return on equity of 36.27%. During the same quarter in the prior year, the business earned ($0.30) EPS.

Shares of NASDAQ ONTX traded up $0.04 during trading hours on Friday, hitting $1.08. The company’s stock had a trading volume of 125,421 shares, compared to its average volume of 97,938. Onconova Therapeutics has a 12 month low of $1.00 and a 12 month high of $16.50. The business has a 50-day simple moving average of $1.59 and a 200-day simple moving average of $2.19.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new stake in shares of Onconova Therapeutics in the fourth quarter worth about $31,000. Millennium Management LLC bought a new stake in Onconova Therapeutics during the 4th quarter valued at approximately $35,000. Goldman Sachs Group Inc. bought a new stake in Onconova Therapeutics during the 3rd quarter valued at approximately $57,000. Morgan Stanley boosted its position in Onconova Therapeutics by 130.5% during the 1st quarter. Morgan Stanley now owns 116,796 shares of the biopharmaceutical company’s stock valued at $117,000 after acquiring an additional 66,130 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Onconova Therapeutics during the 4th quarter valued at approximately $341,000. 11.53% of the stock is currently owned by institutional investors.

A number of brokerages have recently weighed in on ONTX. LADENBURG THALM/SH SH began coverage on shares of Onconova Therapeutics in a report on Tuesday, March 1st. They issued a “buy” rating and a $7.00 price objective for the company. StockNews.com began coverage on shares of Onconova Therapeutics in a report on Tuesday. They issued a “hold” rating for the company. Zacks Investment Research upgraded shares of Onconova Therapeutics from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a report on Wednesday, March 23rd. Finally, Noble Financial restated a “buy” rating and issued a $11.00 price objective on shares of Onconova Therapeutics in a report on Thursday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.00.

About Onconova Therapeutics (Get Rating)

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing novel products to treat cancer. It has two clinical-stage programs, including narazaciclib (ON 123300), a multi-targeted kinase inhibitor that is in Phase I study for solid tumors, as well as hematological malignancies as a single agent or in combination with other anti-cancer therapies; and oral rigosertib alone or in combination with PD-1 inhibitor, which is in Phase I/IIa for the treatment of progressive K-Ras mutated non-small cell lung cancer.

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