Onconetix, Inc. (NASDAQ:ONCO) Sees Large Increase in Short Interest

Onconetix, Inc. (NASDAQ:ONCO) was the target of a large increase in short interest in July. As of July 15th, there was short interest totaling 122,244 shares, an increase of 98.4% from the June 30th total of 61,615 shares. Currently, 10.8% of the company’s stock are sold short. Based on an average daily volume of 1,025,036 shares, the days-to-cover ratio is currently 0.1 days.

Onconetix Stock Performance

Shares of NASDAQ ONCO traded down $0.02 during midday trading on Friday, hitting $0.77. The company’s stock had a trading volume of 63,045 shares, compared to its average volume of 714,374. Onconetix has a 1-year low of $0.67 and a 1-year high of $229.50. The firm’s fifty day moving average price is $0.99 and its 200-day moving average price is $22.37. The firm has a market cap of $874,380.00, a P/E ratio of 0.07 and a beta of 2.69.

Hedge Funds Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Citadel Advisors LLC purchased a new position in shares of Onconetix, Inc. (NASDAQ:ONCO) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,633 shares of the company’s stock, valued at approximately $49,000. Citadel Advisors LLC owned 1.00% of Onconetix at the end of the most recent quarter. 23.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ONCO has been the subject of a number of research analyst reports. Wall Street Zen downgraded Onconetix from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings upgraded Onconetix from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

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.