Onconova Therapeutics (NASDAQ:ONTX) Trading Down 5.8%

Onconova Therapeutics Inc (NASDAQ:ONTX) shares were down 5.8% during mid-day trading on Tuesday . The stock traded as low as $0.47 and last traded at $0.49, approximately 9,582,646 shares were traded during trading. A decline of 57% from the average daily volume of 22,131,588 shares. The stock had previously closed at $0.52.

A number of research analysts recently commented on ONTX shares. ValuEngine cut Onconova Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. Zacks Investment Research raised shares of Onconova Therapeutics from a “hold” rating to a “buy” rating and set a $0.50 price objective for the company in a report on Wednesday, January 29th. Maxim Group cut shares of Onconova Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Noble Financial reissued a “buy” rating and issued a $1.30 target price on shares of Onconova Therapeutics in a report on Friday, December 27th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $8.70.

The firm’s 50 day simple moving average is $0.45 and its 200 day simple moving average is $0.92. The firm has a market cap of $73.53 million, a PE ratio of -0.14 and a beta of 2.68.

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Onconova Therapeutics by 61.9% in the second quarter. Vanguard Group Inc. now owns 66,168 shares of the biopharmaceutical company’s stock worth $189,000 after purchasing an additional 25,305 shares during the last quarter. UBS Group AG lifted its position in shares of Onconova Therapeutics by 2,123.9% in the fourth quarter. UBS Group AG now owns 98,986 shares of the biopharmaceutical company’s stock worth $38,000 after buying an additional 94,535 shares in the last quarter. Hillcrest Wealth Advisors NY LLC bought a new position in Onconova Therapeutics during the fourth quarter valued at approximately $96,000. Renaissance Technologies LLC boosted its stake in Onconova Therapeutics by 1,311.3% during the fourth quarter. Renaissance Technologies LLC now owns 645,007 shares of the biopharmaceutical company’s stock valued at $247,000 after buying an additional 599,303 shares during the last quarter. Finally, Sabby Management LLC bought a new position in Onconova Therapeutics during the third quarter valued at approximately $682,000. Hedge funds and other institutional investors own 8.10% of the company’s stock.

About Onconova Therapeutics (NASDAQ:ONTX)

Onconova Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule product candidates to treat cancer. Its product candidates include Rigosertib IV, which is in Phase III clinical trial for patients with higher risk myelodysplastic syndromes (MDS); Rigosertib oral in combination with azacitidine that is in Phase II clinical trial for patients with higher-risk MDS; and Rigosertib oral, which is in Phase II clinical trial for patients with lower risk MDS.

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