Zacks Investment Research Downgrades Onconova Therapeutics (ONTX) to Hold

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Zacks Investment Research cut shares of Onconova Therapeutics (NASDAQ:ONTX) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

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. “

ONTX has been the subject of several other reports. HC Wainwright reaffirmed a buy rating and issued a $25.00 target price on shares of Onconova Therapeutics in a research report on Thursday, September 27th. ValuEngine cut shares of Onconova Therapeutics from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Finally, Maxim Group dropped their target price on shares of Onconova Therapeutics from $45.00 to $16.00 and set a buy rating for the company in a research report on Thursday, October 11th.

NASDAQ:ONTX opened at $3.93 on Friday. Onconova Therapeutics has a 12 month low of $3.53 and a 12 month high of $39.97. The stock has a market capitalization of $24.85 million, a PE ratio of -0.10 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 the Thomson Reuters’ consensus estimate of ($0.78) by ($0.16). Onconova Therapeutics had a negative return on equity of 965.58% and a negative net margin of 1,610.44%. The company had revenue of $0.12 million during the quarter, compared to analysts’ expectations of $1.87 million. As a group, research analysts predict that Onconova Therapeutics will post -5.14 earnings per share for the current year.

In related news, Director Michael B. Hoffman sold 99,999 shares of Onconova Therapeutics stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $0.45, for a total transaction of $44,999.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of ONTX. Renaissance Technologies LLC lifted its position in Onconova Therapeutics by 456.1% during the 2nd quarter. Renaissance Technologies LLC now owns 819,712 shares of the biopharmaceutical company’s stock valued at $332,000 after acquiring an additional 672,312 shares during the period. Point72 Asset Management L.P. purchased a new position in Onconova Therapeutics during the 2nd quarter valued at about $1,456,000. Finally, 683 Capital Management LLC lifted its position in Onconova Therapeutics by 444.2% during the 2nd quarter. 683 Capital Management LLC now owns 14,503,169 shares of the biopharmaceutical company’s stock valued at $5,867,000 after acquiring an additional 11,838,235 shares during the period.

Onconova Therapeutics Company Profile

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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