Onconova Therapeutics (NASDAQ:ONTX) has been given a $6.00 price target by equities research analysts at HC Wainwright in a research report issued to clients and investors on Thursday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target indicates a potential upside of 294.74% from the company’s current price.
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 subject of a number of other research reports. Maxim Group reissued a “buy” rating and set a $6.00 target price on shares of Onconova Therapeutics in a report on Thursday, November 2nd. Zacks Investment Research cut Onconova Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $7.33.
Onconova Therapeutics (NASDAQ:ONTX) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $0.29 million. research analysts forecast that Onconova Therapeutics will post -2.82 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the business. 683 Capital Management LLC raised its holdings in shares of Onconova Therapeutics by 21.0% during the third quarter. 683 Capital Management LLC now owns 375,000 shares of the biopharmaceutical company’s stock valued at $641,000 after acquiring an additional 65,140 shares during the last quarter. Tyndall Capital Partners L P increased its holdings in shares of 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 valued at $2,154,000 after purchasing an additional 476,190 shares during the last quarter. Sabby Management LLC increased its holdings in shares of Onconova Therapeutics by 104.0% in the second quarter. Sabby Management LLC now owns 784,000 shares of the biopharmaceutical company’s stock valued at $1,693,000 after purchasing an additional 399,640 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Onconova Therapeutics by 58.4% in the second quarter. Vanguard Group Inc. now owns 87,940 shares of the biopharmaceutical company’s stock valued at $190,000 after purchasing an additional 32,418 shares during the last quarter. 25.44% of the stock is 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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