Onconetix (NASDAQ:ONCO) Trading Down 6.5% – Here’s Why

Onconetix, Inc. (NASDAQ:ONCO)’s share price was down 6.5% during mid-day trading on Wednesday . The stock traded as low as $0.9617 and last traded at $1.00. Approximately 1,681,942 shares were traded during mid-day trading, an increase of 141% from the average session volume of 696,932 shares. The stock had previously closed at $1.07.

Analysts Set New Price Targets

ONCO has been the subject of several recent research reports. Weiss Ratings raised Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Wall Street Zen lowered shares of Onconetix from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Onconetix Price Performance

The business’s 50 day simple moving average is $3.43 and its 200-day simple moving average is $39.90. The stock has a market capitalization of $1.14 million, a P/E ratio of 0.09 and a beta of 2.72.

Insider Buying and Selling at Onconetix

In other news, major shareholder Financial Lp Hrt sold 9,446 shares of the firm’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $7.50, for a total value of $70,845.00. Following the transaction, the insider directly owned 8,335 shares in the company, valued at $62,512.50. This trade represents a 53.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders acquired 20,153 shares of company stock valued at $152,867 and sold 19,803 shares valued at $144,463. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC purchased a new stake in Onconetix, Inc. (NASDAQ:ONCO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 1.00% of Onconetix as of its most recent SEC filing. 23.89% of the stock is owned by institutional investors and hedge funds.

About Onconetix

Onconetix, Inc, a biotechnology company, focuses on the research, development, and commercialization of solutions for men's health and oncology. It offers Entadfi, an FDA-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia; and Proclarix, an in vitro protein-based blood diagnostic test for prostate cancer. The company was formerly known as Blue Water Biotech, Inc and changed its name to Onconetix, Inc in December 2023. Onconetix, Inc was incorporated in 2018 and is headquartered in Cincinnati, Ohio.