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

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

Analysts Set New Price Targets

Several analysts have recently commented on ONCY shares. Wall Street Zen downgraded Oncolytics Biotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised Oncolytics Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Oncolytics Biotech in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

Oncolytics Biotech Price Performance

The company’s fifty day simple moving average is $0.93 and its two-hundred day simple moving average is $0.96. The stock has a market cap of $114.58 million, a price-to-earnings ratio of -3.10 and a beta of 1.07.

Oncolytics Biotech (NASDAQ:ONCY) last posted its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). On average, analysts forecast that Oncolytics Biotech Inc. will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ONCY. Citadel Advisors LLC purchased a new position in shares of Oncolytics Biotech during the third quarter valued at approximately $535,000. Scientech Research LLC bought a new stake in Oncolytics Biotech during the third quarter worth $25,000. Ground Swell Capital LLC bought a new stake in Oncolytics Biotech during the fourth quarter worth $30,000. CIBC Private Wealth Group LLC purchased a new stake in Oncolytics Biotech in the 4th quarter valued at $44,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in Oncolytics Biotech in the 4th quarter valued at $63,000. Institutional investors own 6.82% of the company’s stock.

About Oncolytics Biotech

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.