Oncolytics Biotech (NASDAQ:ONCY) Stock Price Up 9.8% – Here’s Why

Oncolytics Biotech Inc. (NASDAQ:ONCY)’s stock price rose 9.8% during mid-day trading on Wednesday. The company traded as high as $0.56 and last traded at $0.5382. Approximately 3,094,409 shares were traded during trading, an increase of 134% from the average session volume of 1,320,643 shares. The stock had previously closed at $0.49.

Analysts Set New Price Targets

ONCY has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncolytics Biotech in a research note on Friday, October 9th. HC Wainwright lowered their price target on shares of Oncolytics Biotech to $5.00 and set a “buy” rating for the company in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $5.00.

Oncolytics Biotech Stock Performance

The firm has a market capitalization of $70.57 million, a P/E ratio of -1.58 and a beta of 1.15. The business has a fifty day moving average of $0.75 and a 200-day moving average of $0.85.

Oncolytics Biotech (NASDAQ:ONCY) last announced its earnings results on Wednesday, August 12th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). On average, equities research analysts forecast that Oncolytics Biotech Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Oncolytics Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new position in Oncolytics Biotech in the 1st quarter valued at about $608,000. Connective Capital Management LLC bought a new position in shares of Oncolytics Biotech in the second quarter valued at approximately $176,000. Susquehanna International Group LLP boosted its holdings in shares of Oncolytics Biotech by 224.6% in the second quarter. Susquehanna International Group LLP now owns 134,129 shares of the company’s stock valued at $127,000 after acquiring an additional 92,806 shares in the last quarter. PFG Investments LLC increased its stake in shares of Oncolytics Biotech by 131.0% during the first quarter. PFG Investments LLC now owns 52,900 shares of the company’s stock valued at $45,000 after acquiring an additional 30,000 shares during the period. Finally, Vantage Point Financial LLC acquired a new position in shares of Oncolytics Biotech during the second quarter valued at approximately $28,000. 6.82% of the stock is currently owned by institutional investors.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc is a clinical-stage biotechnology company focused on developing immunotherapies for cancer. The company’s lead product candidate, pelareorep, is an investigational formulation of a naturally occurring reovirus designed to selectively infect and destroy certain tumor cells while stimulating an anti-tumor immune response.

Pelareorep is being evaluated in combination with other cancer treatments, including immune checkpoint inhibitors, chemotherapy and targeted therapies.