Oncolytics Biotech (NASDAQ:ONCY) Stock Price Up 3% – What’s Next?

Oncolytics Biotech Inc. (NASDAQ:ONCY) shot up 3% during trading on Thursday . The company traded as high as $0.98 and last traded at $0.96. Approximately 1,127,834 shares traded hands during trading, a decline of 34% from the average session volume of 1,697,793 shares. The stock had previously closed at $0.9318.

Analyst Ratings Changes

ONCY has been the subject of several analyst reports. Weiss Ratings upgraded shares of Oncolytics Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. Wall Street Zen downgraded shares of Oncolytics Biotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Oncolytics Biotech in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.50.

Oncolytics Biotech Stock Performance

The stock has a market cap of $114.58 million, a price-to-earnings ratio of -3.10 and a beta of 1.07. The business’s 50 day moving average is $0.92 and its 200-day moving average is $0.96.

Oncolytics Biotech (NASDAQ:ONCY) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Sell-side analysts anticipate that Oncolytics Biotech Inc. will post -0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Oncolytics Biotech

A number of hedge funds have recently made changes to their positions in ONCY. Scientech Research LLC acquired a new stake in shares of Oncolytics Biotech in the third quarter worth approximately $25,000. Blair William & Co. IL purchased a new position in Oncolytics Biotech in the 4th quarter valued at $28,000. Security National Bank of Sioux City Iowa IA acquired a new stake in Oncolytics Biotech during the 4th quarter worth $29,000. Ground Swell Capital LLC purchased a new stake in shares of Oncolytics Biotech during the fourth quarter worth $30,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Oncolytics Biotech in the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 6.82% of the company’s stock.

Oncolytics Biotech Company Profile

Oncolytics Biotech Inc (NASDAQ: ONCY) is a clinical-stage biotechnology company focused on the development of novel oncolytic viral therapies for the treatment of cancer. The company’s lead investigational agent, pelareorep (Reolysin), is a proprietary formulation of reovirus engineered to selectively infect and destroy tumor cells while stimulating a systemic antitumor immune response. Oncolytics leverages the natural biology of the virus to enhance the activity of standard‐of‐care treatments and immune checkpoint inhibitors.

Pelareorep has progressed into multiple advanced clinical trials, with combination studies conducted in metastatic breast cancer, non‐small cell lung cancer and head and neck cancers.