Onconova Therapeutics (NASDAQ:ONTX) Stock Rating Upgraded by Zacks Investment Research

Onconova Therapeutics (NASDAQ:ONTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The firm currently has a $7.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 36.99% from the company’s previous close.

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. “

Separately, Noble Financial reissued a “buy” rating and set a $11.00 target price on shares of Onconova Therapeutics in a research report on Thursday.

ONTX stock opened at $5.11 on Friday. The stock has a market capitalization of $80.64 million, a P/E ratio of -3.48 and a beta of 1.74. Onconova Therapeutics has a 12 month low of $3.60 and a 12 month high of $28.95. The firm has a 50-day moving average price of $5.10 and a 200-day moving average price of $8.30.

Onconova Therapeutics (NASDAQ:ONTX) last issued its quarterly earnings data on Thursday, August 12th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.01. Onconova Therapeutics had a negative net margin of 9,159.32% and a negative return on equity of 97.66%. Sell-side analysts forecast that Onconova Therapeutics will post -1.16 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its stake in Onconova Therapeutics by 411.3% during the 1st quarter. BlackRock Inc. now owns 4,472,830 shares of the biopharmaceutical company’s stock valued at $4,468,000 after acquiring an additional 3,598,028 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Onconova Therapeutics during the 1st quarter worth $3,693,000. Millennium Management LLC bought a new stake in shares of Onconova Therapeutics during the 1st quarter worth $2,822,000. Geode Capital Management LLC raised its stake in shares of Onconova Therapeutics by 60.4% during the 1st quarter. Geode Capital Management LLC now owns 2,066,627 shares of the biopharmaceutical company’s stock worth $2,064,000 after purchasing an additional 778,421 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Onconova Therapeutics by 8.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,258,392 shares of the biopharmaceutical company’s stock worth $1,257,000 after purchasing an additional 95,980 shares during the period. Institutional investors and hedge funds own 15.45% of the company’s stock.

Onconova Therapeutics Company Profile

Onconova Therapeutics, Inc is a clinical-stage biopharmaceutical company, which engages in the identification and development of oncology therapeutics. It focuses on discovering and developing small molecule drug candidates to treat cancer. The company was founded by Ramesh Kumar and E. Premkumar Reddy on December 22, 1998 and is headquartered in Newtown, PA.

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