Onconetix (NASDAQ:ONCO) Stock Price Down 6.5% – Should You Sell?

Onconetix, Inc. (NASDAQ:ONCO)’s share price dropped 6.5% during trading on Wednesday . The company traded as low as $0.9617 and last traded at $1.00. Approximately 1,681,942 shares were traded during 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

Several research analysts recently weighed in on ONCO shares. Weiss Ratings raised shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Wall Street Zen cut shares of Onconetix from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Onconetix currently has an average rating of “Sell”.

Onconetix Stock Down 0.3%

The stock has a market capitalization of $1.11 million, a price-to-earnings ratio of 0.09 and a beta of 2.72. The company has a 50 day moving average of $3.29 and a 200 day moving average of $38.87.

Insider Buying and Selling

In other news, major shareholder Financial Lp Hrt sold 4,971 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $6.90, for a total transaction of $34,299.90. Following the completion of the transaction, the insider owned 3,364 shares of the company’s stock, valued at $23,211.60. This represents a 59.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders bought 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 owned by company insiders.

Institutional Investors Weigh In On Onconetix

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

Onconetix Company Profile

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.