Onconova Therapeutics, Inc. (NASDAQ:ONTX) Short Interest Down 82.4% in May

Onconova Therapeutics, Inc. (NASDAQ:ONTX) saw a significant decrease in short interest in May. As of May 28th, there was short interest totalling 719,900 shares, a decrease of 82.4% from the May 13th total of 4,080,000 shares. Based on an average trading volume of 1,410,000 shares, the short-interest ratio is currently 0.5 days. Currently, 4.9% of the shares of the company are sold short.

A number of hedge funds and other institutional investors have recently modified their holdings of ONTX. GSA Capital Partners LLP bought a new position in shares of Onconova Therapeutics in the fourth quarter valued at approximately $106,000. Principal Financial Group Inc. bought a new stake in shares of Onconova Therapeutics during the 4th quarter valued at about $541,000. Virtu Financial LLC increased its position in shares of Onconova Therapeutics by 9.7% in the fourth quarter. Virtu Financial LLC now owns 484,832 shares of the biopharmaceutical company’s stock worth $226,000 after purchasing an additional 42,681 shares during the last quarter. BlackRock Inc. increased its position in shares of Onconova Therapeutics by 411.3% in the first quarter. BlackRock Inc. now owns 4,472,830 shares of the biopharmaceutical company’s stock worth $4,468,000 after purchasing an additional 3,598,028 shares during the last quarter. Finally, Granite Point Capital Management L.P. bought a new position in shares of Onconova Therapeutics in the first quarter worth approximately $300,000. Institutional investors and hedge funds own 14.06% of the company’s stock.

ONTX has been the subject of a number of research analyst reports. Guggenheim began coverage on Onconova Therapeutics in a research report on Tuesday, May 18th. They set a “buy” rating and a $4.00 price target for the company. Zacks Investment Research upgraded Onconova Therapeutics from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a research note on Wednesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Onconova Therapeutics has a consensus rating of “Buy” and a consensus price target of $15.95.

Shares of ONTX traded down $0.02 during mid-day trading on Friday, hitting $7.13. The stock had a trading volume of 2,162 shares, compared to its average volume of 2,678,351. The company has a market capitalization of $112.52 million, a price-to-earnings ratio of -3.97 and a beta of 1.61. Onconova Therapeutics has a 52 week low of $2.85 and a 52 week high of $28.95. The stock’s fifty day moving average price is $9.33.

Onconova Therapeutics (NASDAQ:ONTX) last issued its earnings results on Monday, May 17th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.15. The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.06 million. Onconova Therapeutics had a negative net margin of 10,544.68% and a negative return on equity of 139.26%. Equities analysts forecast that Onconova Therapeutics will post -1.12 EPS for the current year.

About Onconova Therapeutics

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing novel products to treat cancer. The company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Its novel proprietary multi-kinase inhibitor ON 123300 to target CDK4/6 and other tyrosine kinases.

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