Short Interest in Onconetix, Inc. (NASDAQ:ONCO) Expands By 586.4%

Onconetix, Inc. (NASDAQ:ONCO) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 260,259 shares, an increase of 586.4% from the February 26th total of 37,915 shares. Currently, 7.3% of the company’s stock are short sold. Based on an average daily volume of 727,004 shares, the short-interest ratio is currently 0.4 days. Based on an average daily volume of 727,004 shares, the short-interest ratio is currently 0.4 days. Currently, 7.3% of the company’s stock are short sold.

Onconetix Trading Down 4.7%

Shares of ONCO traded down $0.03 during midday trading on Tuesday, reaching $0.57. 451,805 shares of the stock were exchanged, compared to its average volume of 412,051. The company has a market capitalization of $2.05 million, a P/E ratio of -0.01 and a beta of 3.51. Onconetix has a 52 week low of $0.44 and a 52 week high of $14.86. The company’s 50 day moving average is $1.01 and its two-hundred day moving average is $2.09.

Onconetix’s stock is scheduled to reverse split on the morning of Wednesday, March 25th. The 1-5 reverse split was announced on Monday, March 23rd. The number of shares owned by shareholders will be adjusted after the closing bell on Tuesday, March 24th.

Onconetix (NASDAQ:ONCO) last issued its earnings results on Friday, March 13th. The company reported $12.58 earnings per share (EPS) for the quarter. The company had revenue of $0.30 million for the quarter. Onconetix had a negative net margin of 1,717.50% and a positive return on equity of 8.24%.

Hedge Funds Weigh In On Onconetix

A hedge fund recently bought a new stake in Onconetix stock. Pacific Capital Wealth Advisors Inc. acquired a new position in Onconetix, Inc. (NASDAQ:ONCO) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,000 shares of the company’s stock, valued at approximately $40,000. Pacific Capital Wealth Advisors Inc. owned approximately 0.84% of Onconetix as of its most recent SEC filing. Institutional investors and hedge funds own 23.89% of the company’s stock.

Onconetix Company Profile

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.