Onconova Therapeutics, Inc. (ONTX) PT Set at $6.00 by Maxim Group
Onconova Therapeutics, Inc. (NASDAQ:ONTX) received a $6.00 price objective from investment analysts at Maxim Group in a report released on Thursday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Maxim Group’s price target points to a potential upside of 279.75% from the company’s current price.
The analysts wrote, “Onconova reported 3Q17 with a net loss of $7M and ended the period with $7.6M in cash. We forecast that Onconova will need to raise capital. The question then is, at what valuation and how much? The next catalyst for the company is the interim analysis of the INSPIRE pivotal phase 3 trial in Myelodysplastic Syndrome, which is expected in 4Q17. The interim analysis is dependent on reaching 88 events (deaths). Several scenarios could play out which we have profiled in prior notes and below. Conclusion: Good data will drive this company and set the stage to raise additional capital.””
Several other equities analysts have also weighed in on ONTX. Dawson James reissued a “buy” rating on shares of Onconova Therapeutics in a research report on Tuesday, July 25th. ValuEngine raised shares of Onconova Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Finally, HC Wainwright started coverage on shares of Onconova Therapeutics in a research report on Monday, October 9th. They issued a “buy” rating and a $6.00 price objective on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $7.33.
Onconova Therapeutics (NASDAQ:ONTX) opened at $1.58 on Thursday. Onconova Therapeutics has a 1 year low of $1.46 and a 1 year high of $3.88.
Onconova Therapeutics (NASDAQ:ONTX) last issued its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($0.71) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.73) by $0.02. The company had revenue of $0.11 million for the quarter, compared to analyst estimates of $0.29 million. Onconova Therapeutics had a negative net margin of 2,855.94% and a negative return on equity of 558.97%. sell-side analysts expect that Onconova Therapeutics will post -3.06 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the stock. Tyndall Capital Partners L P increased its position in Onconova Therapeutics by 91.4% during the second quarter. Tyndall Capital Partners L P now owns 997,022 shares of the biopharmaceutical company’s stock worth $2,154,000 after acquiring an additional 476,190 shares during the period. Sabby Management LLC increased its position in Onconova Therapeutics by 104.0% during the second quarter. Sabby Management LLC now owns 784,000 shares of the biopharmaceutical company’s stock worth $1,693,000 after acquiring an additional 399,640 shares during the period. Finally, Vanguard Group Inc. increased its position in Onconova Therapeutics by 58.4% during the second quarter. Vanguard Group Inc. now owns 87,940 shares of the biopharmaceutical company’s stock worth $190,000 after acquiring an additional 32,418 shares during the period. 26.81% of the stock is currently owned by institutional investors and hedge funds.
About Onconova Therapeutics
Onconova Therapeutics, Inc is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells.
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