Onconetix, Inc. (NASDAQ:ONCO) Short Interest Up 230.7% in June

Onconetix, Inc. (NASDAQ:ONCO) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 61,615 shares, an increase of 230.7% from the June 15th total of 18,630 shares. Based on an average daily volume of 1,078,344 shares, the days-to-cover ratio is presently 0.1 days. Approximately 5.4% of the shares of the company are short sold.

Onconetix Price Performance

ONCO opened at $0.94 on Monday. The firm has a fifty day moving average price of $1.89 and a 200 day moving average price of $30.13. Onconetix has a 1 year low of $0.88 and a 1 year high of $270.00. The stock has a market cap of $1.07 million, a P/E ratio of 0.08 and a beta of 2.69.

Analysts Set New Price Targets

Several research firms have recently commented on ONCO. Wall Street Zen downgraded shares of Onconetix from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings cut shares of Onconetix from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Onconetix has a consensus rating of “Sell”.

Insider Activity

In related news, major shareholder Financial Lp Hrt sold 9,446 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $7.50, for a total value of $70,845.00. Following the sale, the insider owned 8,335 shares in the company, valued at $62,512.50. This represents a 53.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders bought 20,153 shares of company stock valued at $152,867 and sold 19,803 shares valued at $144,463. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC purchased a new stake in Onconetix, Inc. (NASDAQ:ONCO) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned approximately 1.00% of Onconetix as of its most recent SEC filing. 23.89% of the stock is currently owned by hedge funds and other institutional investors.

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.