Onconova Therapeutics (ONTX) Trading 9% Higher on Insider Buying Activity
Onconova Therapeutics Inc (NASDAQ:ONTX) shares traded up 9% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $1.10 and last traded at $1.09. 804,066 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 476,929 shares. The stock had previously closed at $1.00.
Specifically, major shareholder 683 Capital Management, Llc bought 200,000 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was bought at an average cost of $1.04 per share, with a total value of $208,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 29.10% of the company’s stock.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Onconova Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, January 10th. Maxim Group reaffirmed a “buy” rating and issued a $6.00 target price on shares of Onconova Therapeutics in a research report on Thursday, November 2nd. Finally, HC Wainwright set a $6.00 target price on Onconova Therapeutics and gave the company a “buy” rating in a research report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.33.
Several institutional investors and hedge funds have recently made changes to their positions in ONTX. Vanguard Group Inc. boosted its stake in shares of Onconova Therapeutics by 58.4% in the 2nd quarter. Vanguard Group Inc. now owns 87,940 shares of the biopharmaceutical company’s stock valued at $190,000 after buying an additional 32,418 shares during the period. Sabby Management LLC boosted its stake in shares of Onconova Therapeutics by 104.0% in the 2nd quarter. Sabby Management LLC now owns 784,000 shares of the biopharmaceutical company’s stock valued at $1,693,000 after buying an additional 399,640 shares during the period. Finally, 683 Capital Management LLC boosted its stake in shares of Onconova Therapeutics by 21.0% in the 3rd quarter. 683 Capital Management LLC now owns 375,000 shares of the biopharmaceutical company’s stock valued at $641,000 after buying an additional 65,140 shares during the period. Institutional investors and hedge funds own 25.45% of the company’s stock.
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Onconova Therapeutics Company Profile
Onconova Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells.
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