Onconova Therapeutics (NASDAQ:ONTX) Shares Pass Above 50 Day Moving Average of $2.42
Shares of Onconova Therapeutics Inc (NASDAQ:ONTX) crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $2.42 and traded as high as $2.78. Onconova Therapeutics shares last traded at $2.77, with a volume of 800 shares.
Several research firms have issued reports on ONTX. ValuEngine raised Onconova Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Zacks Investment Research raised Onconova Therapeutics from a “hold” rating to a “strong-buy” rating and set a $2.50 price objective for the company in a research report on Tuesday, August 20th. HC Wainwright set a $25.00 price objective on Onconova Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, May 14th. Noble Financial assumed coverage on Onconova Therapeutics in a report on Thursday, July 25th. They set an “outperform” rating and a $12.00 price objective for the company. Finally, Maxim Group set a $8.00 target price on Onconova Therapeutics and gave the company a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $11.88.
The stock’s 50-day moving average price is $2.42 and its 200 day moving average price is $3.24. The firm has a market cap of $16.44 million, a P/E ratio of -0.53 and a beta of 2.64.
In other news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $2.83, for a total transaction of $30,923.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 14,565 shares of company stock worth $42,854 over the last three months. Insiders own 9.70% of the company’s stock.
An institutional investor recently bought a new position in Onconova Therapeutics stock. Citadel Advisors LLC acquired a new position in shares of Onconova Therapeutics Inc (NASDAQ:ONTX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,713 shares of the biopharmaceutical company’s stock, valued at approximately $48,000. Citadel Advisors LLC owned approximately 0.28% of Onconova Therapeutics as of its most recent SEC filing. 39.47% of the stock is owned by hedge funds and other institutional investors.
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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