Onconova Therapeutics (ONTX) Given a $16.00 Price Target at Maxim Group

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Maxim Group set a $16.00 price objective on Onconova Therapeutics (NASDAQ:ONTX) in a research report sent to investors on Tuesday morning. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts have also recently commented on ONTX. Zacks Investment Research cut shares of Onconova Therapeutics from a buy rating to a hold rating in a research report on Wednesday, July 18th. HC Wainwright set a $45.00 target price on shares of Onconova Therapeutics and gave the stock a buy rating in a research report on Tuesday, August 14th. Finally, ValuEngine cut shares of Onconova Therapeutics from a buy rating to a hold rating in a research report on Tuesday, October 2nd.

Shares of NASDAQ ONTX traded up $0.13 during trading on Tuesday, reaching $4.38. 76,596 shares of the stock were exchanged, compared to its average volume of 87,596. Onconova Therapeutics has a twelve month low of $3.53 and a twelve month high of $39.97. The stock has a market cap of $20.99 million, a P/E ratio of -0.11 and a beta of 1.14.

Onconova Therapeutics (NASDAQ:ONTX) last posted its earnings results on Tuesday, November 13th. The biopharmaceutical company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.16). The firm had revenue of $0.12 million for the quarter, compared to analyst estimates of $1.87 million. On average, equities analysts forecast that Onconova Therapeutics will post -5.14 earnings per share for the current fiscal year.

In related news, Director Michael B. Hoffman sold 99,999 shares of Onconova Therapeutics stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $0.45, for a total value of $44,999.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.50% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of ONTX. Renaissance Technologies LLC increased its stake in shares of Onconova Therapeutics by 456.1% in the second quarter. Renaissance Technologies LLC now owns 819,712 shares of the biopharmaceutical company’s stock worth $332,000 after buying an additional 672,312 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Onconova Therapeutics in the second quarter worth $1,456,000. Finally, 683 Capital Management LLC increased its stake in shares of Onconova Therapeutics by 444.2% in the second quarter. 683 Capital Management LLC now owns 14,503,169 shares of the biopharmaceutical company’s stock worth $5,867,000 after buying an additional 11,838,235 shares during the last quarter.

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.

Further Reading: How to Invest in the Dividend Aristocrat Index

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