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

Oncolytics Biotech Inc. (NASDAQ:ONCY) shares rose 9.8% 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.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. HC Wainwright cut their target price on Oncolytics Biotech to $5.00 and set a “buy” rating for the company in a research note on Wednesday, August 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oncolytics Biotech in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Oncolytics Biotech has an average rating of “Moderate Buy” and a consensus price target of $5.00.

Oncolytics Biotech Stock Performance

The stock has a market capitalization of $65.17 million, a price-to-earnings ratio of -1.46 and a beta of 1.15. The firm has a fifty day moving average of $0.74 and a 200-day moving average of $0.84.

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

Institutional Investors Weigh In On Oncolytics Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Connective Capital Management LLC acquired a new stake in Oncolytics Biotech in the second quarter valued at $176,000. Susquehanna International Group LLP boosted its position in Oncolytics Biotech by 224.6% during the 2nd quarter. Susquehanna International Group LLP now owns 134,129 shares of the company’s stock valued at $127,000 after buying an additional 92,806 shares during the period. Vantage Point Financial LLC purchased a new stake in Oncolytics Biotech in the second quarter worth about $28,000. Renaissance Technologies LLC bought a new stake in Oncolytics Biotech in the first quarter worth $608,000. Finally, PFG Investments LLC raised its stake in shares of Oncolytics Biotech by 131.0% in the first quarter. PFG Investments LLC now owns 52,900 shares of the company’s stock worth $45,000 after purchasing an additional 30,000 shares during the last quarter. 6.82% of the stock is currently owned by institutional investors and hedge funds.

About Oncolytics Biotech

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.