Onconetix, Inc. (NASDAQ:ONCO) Short Interest Up 128.4% in April

Onconetix, Inc. (NASDAQ:ONCO) was the target of a significant growth in short interest in the month of April. As of April 30th, there was short interest totaling 522,813 shares, a growth of 128.4% from the April 15th total of 228,855 shares. Approximately 79.9% of the shares of the company are short sold. Based on an average trading volume of 10,283,651 shares, the days-to-cover ratio is presently 0.1 days.

Insider Buying and Selling

In related news, major shareholder Financial Lp Hrt sold 49,710 shares of Onconetix stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $0.69, for a total transaction of $34,299.90. Following the sale, the insider directly owned 33,649 shares in the company, valued at approximately $23,217.81. This trade represents a 59.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders acquired 201,540 shares of company stock worth $152,875 and sold 198,039 shares worth $144,469. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Pacific Capital Wealth Advisors Inc. purchased a new stake in Onconetix, Inc. (NASDAQ:ONCO) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,000 shares of the company’s stock, valued at approximately $40,000. Pacific Capital Wealth Advisors Inc. owned approximately 0.84% of Onconetix as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 23.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONCO. Wall Street Zen upgraded Onconetix to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings upgraded Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Onconetix Price Performance

Shares of ONCO traded down $0.02 during mid-day trading on Friday, hitting $0.37. The stock had a trading volume of 439,913 shares, compared to its average volume of 6,214,838. The firm has a market cap of $245,344.00, a P/E ratio of 0.33 and a beta of 3.01. The business has a fifty day moving average price of $1.50 and a 200-day moving average price of $6.65. Onconetix has a 52 week low of $0.36 and a 52 week high of $53.55.

Onconetix (NASDAQ:ONCO) last issued its earnings results on Wednesday, May 13th. The company reported ($6.71) earnings per share (EPS) for the quarter. The firm had revenue of $0.02 million during the quarter. Onconetix had a negative net margin of 1,316.28% and a negative return on equity of 101.08%.

About Onconetix

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.