Onconova Therapeutics (ONTX) Given a $6.00 Price Target at HC Wainwright

Onconova Therapeutics (NASDAQ:ONTX) received a $6.00 price target from analysts at HC Wainwright in a research note issued on Thursday. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 294.74% from the stock’s previous close.

The analysts wrote, “Rigosertib Expanding Footprint; Moving Forward With CRADA to Address RASopathies Moving forward on RASopathies with NCI. Onconova announced today that it has entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI) for the development of rigosertib in pediatric cancer associated RASopathies. The NCI is to conduct and fund the majority of research, including preclinical laboratory studies and a clinical trial, whereas Onconova is expected to provide rigosertib and initial funding for non-clinical studies. The studies are slated to start in 2018. The NCI is to focus on RASopathy related cancers in pediatric patients, whereas Onconova is expecting to focus on Juvenile Myelomonocytic Leukemia (JMML). This event signifies the potential expansion of rigosertib use in a number of cancers and syndromes driven by RAS pathway hyperactivation.””

ONTX has been the topic of several other research reports. Maxim Group reissued a “buy” rating and issued a $6.00 price objective on shares of Onconova Therapeutics in a research report on Thursday, November 2nd. Zacks Investment Research cut Onconova Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. Onconova Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $7.33.

Onconova Therapeutics (NASDAQ:ONTX) traded up $0.02 during mid-day trading on Thursday, reaching $1.52. The company’s stock had a trading volume of 94,700 shares, compared to its average volume of 111,950. Onconova Therapeutics has a twelve month low of $1.21 and a twelve month high of $3.88. The stock has a market capitalization of $16.26, a PE ratio of -0.50 and a beta of 0.10.

Onconova Therapeutics (NASDAQ:ONTX) last posted its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.71) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.73) by $0.02. Onconova Therapeutics had a negative return on equity of 558.97% and a negative net margin of 2,855.94%. The business had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.29 million. equities analysts predict that Onconova Therapeutics will post -2.82 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of ONTX. Tyndall Capital Partners L P boosted its position in Onconova Therapeutics by 91.4% in the second quarter. Tyndall Capital Partners L P now owns 997,022 shares of the biopharmaceutical company’s stock worth $2,154,000 after purchasing an additional 476,190 shares during the last quarter. Sabby Management LLC lifted its position in shares of Onconova Therapeutics by 104.0% during 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 last quarter. 683 Capital Management LLC lifted its position in shares of Onconova Therapeutics by 21.0% during 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 last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Onconova Therapeutics by 58.4% during 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 last quarter. 25.44% of the stock is currently owned by institutional investors and hedge funds.

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About Onconova Therapeutics

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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