Oncolytics Biotech (NASDAQ:ONCY) Stock Jumps 9.8% – Still a Buy?

Shares of Oncolytics Biotech Inc. (NASDAQ:ONCY) traded up 9.8% during mid-day trading on Wednesday. The stock traded as high as $0.56 and last traded at $0.5382. 3,094,409 shares changed hands during trading, an increase of 134% from the average daily volume of 1,320,643 shares. The stock had previously closed at $0.49.

Analyst Ratings Changes

A number of analysts have recently commented on ONCY shares. HC Wainwright dropped their price objective on Oncolytics Biotech to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oncolytics Biotech in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Oncolytics Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Oncolytics Biotech Price Performance

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

Oncolytics Biotech (NASDAQ:ONCY) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). On average, analysts anticipate that Oncolytics Biotech Inc. will post -0.29 EPS for the current year.

Institutional Investors Weigh In On Oncolytics Biotech

A number of institutional investors and hedge funds have recently modified their holdings of ONCY. Vantage Point Financial LLC purchased a new stake in shares of Oncolytics Biotech during the second quarter valued at $28,000. PFG Investments LLC boosted its position in shares of Oncolytics Biotech by 131.0% in the 1st quarter. PFG Investments LLC now owns 52,900 shares of the company’s stock valued at $45,000 after purchasing an additional 30,000 shares during the period. Susquehanna International Group LLP increased its stake in Oncolytics Biotech by 224.6% in the 2nd quarter. Susquehanna International Group LLP now owns 134,129 shares of the company’s stock worth $127,000 after purchasing an additional 92,806 shares in the last quarter. Connective Capital Management LLC purchased a new position in Oncolytics Biotech in the 4th quarter worth about $131,000. Finally, Renaissance Technologies LLC purchased a new position in Oncolytics Biotech in the 1st quarter worth about $608,000. 6.82% of the stock is owned by institutional investors and hedge funds.

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.