Onconova Therapeutics (NASDAQ:ONTX) Upgraded to Hold at Zacks Investment Research

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Onconova Therapeutics (NASDAQ:ONTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Onconova Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on discovering and developing small molecule drug candidates to treat cancer. The Company’s products under different phases of development include Rigosertib intravenous (IV), Rigosertib Oral, Rigosertib IV, ON 013105 and Recilisib. Onconova Therapeutics, Inc. is headquartered in Newtown, Pennsylvania. “

A number of other equities research analysts have also weighed in on the stock. HC Wainwright set a $25.00 target price on shares of Onconova Therapeutics and gave the company a “buy” rating in a research note on Tuesday, May 14th. Maxim Group reaffirmed a “buy” rating and set a $16.00 target price on shares of Onconova Therapeutics in a research note on Tuesday, May 14th. Finally, ValuEngine raised shares of Vale from a “sell” rating to a “hold” rating in a research note on Tuesday.

ONTX stock opened at $2.33 on Wednesday. The company has a 50-day moving average price of $3.12. Onconova Therapeutics has a 12-month low of $1.69 and a 12-month high of $11.17.

Onconova Therapeutics (NASDAQ:ONTX) last released its quarterly earnings data on Tuesday, May 14th. The biopharmaceutical company reported ($1.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.18). Onconova Therapeutics had a negative net margin of 3,153.42% and a negative return on equity of 310.58%. The firm had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $0.08 million. As a group, equities research analysts expect that Onconova Therapeutics will post -3.39 EPS for the current fiscal year.

In other news, major shareholder Tyndall Capital Partners L. P sold 10,927 shares of Onconova Therapeutics stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $2.83, for a total transaction of $30,923.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 13,765 shares of company stock worth $40,646 in the last ninety days. Insiders own 9.50% of the company’s stock.

An institutional investor recently bought a new position in Onconova Therapeutics stock. Dimensional Fund Advisors LP acquired a new position in shares of Onconova Therapeutics Inc (NASDAQ:ONTX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,086 shares of the biopharmaceutical company’s stock, valued at approximately $28,000. Dimensional Fund Advisors LP owned approximately 0.23% of Onconova Therapeutics at the end of the most recent reporting period. Institutional investors own 38.62% of the company’s stock.

About Onconova Therapeutics

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule product candidates to treat cancer. Its product candidates include Rigosertib IV, which is in Phase III clinical trial for patients with higher risk myelodysplastic syndromes (MDS); Rigosertib oral in combination with azacitidine that is in Phase II clinical trial for patients with higher-risk MDS; and Rigosertib oral, which is in Phase II clinical trial for patients with lower risk MDS.

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