Onconetix, Inc. (NASDAQ:ONCO) Short Interest Up 98.4% in July

Onconetix, Inc. (NASDAQ:ONCO) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 122,244 shares, a growth of 98.4% from the June 30th total of 61,615 shares. Based on an average daily volume of 1,025,036 shares, the days-to-cover ratio is presently 0.1 days. Approximately 10.8% of the company’s stock are sold short.

Onconetix Stock Down 6.6%

Shares of NASDAQ:ONCO traded down $0.05 during midday trading on Thursday, hitting $0.70. The stock had a trading volume of 382,308 shares, compared to its average volume of 717,328. Onconetix has a 12 month low of $0.67 and a 12 month high of $229.50. The business’s 50-day simple moving average is $1.00 and its 200-day simple moving average is $22.97. The company has a market cap of $798,000.00, a P/E ratio of 0.06 and a beta of 2.69.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Onconetix stock. Citadel Advisors LLC acquired a new position in shares of Onconetix, Inc. (NASDAQ:ONCO) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned about 1.00% of Onconetix at the end of the most recent reporting period. 23.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ONCO has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, July 15th. Wall Street Zen downgraded shares of Onconetix from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Onconetix has an average rating of “Sell”.

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.