Onconova Therapeutics (NASDAQ:ONTX) Given a $6.00 Price Target at HC Wainwright

Onconova Therapeutics (NASDAQ:ONTX) has been given a $6.00 price target by HC Wainwright in a report issued on Thursday, January 4th. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 252.94% from the stock’s previous close.

The analysts wrote, “Rigosertib Expanding Footprint; Moving Forward With CRADA to Address RASopathies Moving forward on RASopathies with NCI. Onconova announced today that it has entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI) for the development of rigosertib in pediatric cancer associated RASopathies. The NCI is to conduct and fund the majority of research, including preclinical laboratory studies and a clinical trial, whereas Onconova is expected to provide rigosertib and initial funding for non-clinical studies. The studies are slated to start in 2018. The NCI is to focus on RASopathy related cancers in pediatric patients, whereas Onconova is expecting to focus on Juvenile Myelomonocytic Leukemia (JMML). This event signifies the potential expansion of rigosertib use in a number of cancers and syndromes driven by RAS pathway hyperactivation.””

ONTX has been the subject of a number of other reports. Maxim Group reissued a “buy” rating and issued a $6.00 price target on shares of Onconova Therapeutics in a report on Thursday, November 2nd. Zacks Investment Research downgraded Onconova Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $7.33.

Shares of Onconova Therapeutics (ONTX) traded up $0.03 during mid-day trading on Thursday, reaching $1.70. The company had a trading volume of 107,900 shares, compared to its average volume of 159,857. Onconova Therapeutics has a 52-week low of $1.21 and a 52-week high of $3.88. The firm has a market capitalization of $18.31, a PE ratio of -0.56 and a beta of 0.10.

Onconova Therapeutics (NASDAQ:ONTX) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.71) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.73) by $0.02. Onconova Therapeutics had a negative return on equity of 558.97% and a negative net margin of 2,855.94%. The company had revenue of $0.11 million during the quarter, compared to analysts’ expectations of $0.29 million. research analysts forecast that Onconova Therapeutics will post -2.82 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew 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 valued at $190,000 after acquiring an additional 32,418 shares during the period. 683 Capital Management LLC grew its position in Onconova Therapeutics by 21.0% during the third quarter. 683 Capital Management LLC now owns 375,000 shares of the biopharmaceutical company’s stock valued at $641,000 after acquiring an additional 65,140 shares during the period. Sabby Management LLC grew 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 valued at $1,693,000 after acquiring an additional 399,640 shares during the period. Finally, Tyndall Capital Partners L P grew 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 valued at $2,154,000 after acquiring an additional 476,190 shares during the period. 25.44% of the stock is owned by institutional investors and hedge funds.

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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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