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Summary

  • Onconova, a biopharmaceutical company, has focused its efforts towards developing and uncovering products that treat cancer.
  • Data on EODHD/Others suggests that the mean price target on the stock is US$ 7.5.
  • Onconova’s results for Q1 2023 showed a net loss of US$ 5.8 million, as against a net loss of US$ 4.1 million in Q1 2022.

Onconova is a biopharmaceutical company centered towards developing and uncovering products that treat cancer. One of the latest developments for the company has been the initiation of the dosing in its treatment drug for endometrioid endometrial cancer Onconova also announced that the first participant has been dosed in another Phase 2 trial that is investigator-sponsored.

H C Wainwright gave Onconova stock a ‘Buy’ rating post the company’s latest announcement about drug testing. As per data available on EODHD/Others, the mean recommendation rating on ONTX is 1.5 on a scale of one to five. Here one stands for ‘Strong Buy’ and five stands for 'Strong Sell’.

The data on EODHD/Others suggests that two analysts gave the stock ‘Strong Buy’ rating. Two other analysts gave the ONTX stock a ‘Buy’ rating. The consensus mean price target on the stock is US$ 7.5, an upside potential of a whopping 525% over its closing price on May 25, 2023.

Image Source: EODHD/Others

The ONTX stock closed at US$ 1.20 on May 25, 2023. The stock hit its 52-week high of US$ 1.52 on August 5, 2022.

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What analysts have to say

H C Wainwright upgraded its recommendation on ONTX post the company’s announcement about the commencement of its drug trial. Alternatively, brokers like Ladenburg Thalmann and Guggenheim Securities retained ‘Buy’ rating on the stock.

H C Wainwright is bullish on the ONTX stock as it maintains a price target of US$ 11 on it which is 816.67% higher than its previous close of US$ 1.20. Ladenburg Thalmann is also bullish on the stock with a relatively lower target of US$ 7 as on May 26, 2023.

Guggenheim Securities lowered the price target on the stock to US$ 5. ONTX also received an upgraded ‘Outperform’ rating from Noble Financial on May 16, 2023. The broker is bullish on the stock since late last year with a price target of US$ 7.

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ONTX’s financial results

Onconova reported its results for the three months ended March 31, 2023 showing a net loss of US$ 5.8 million for the quarter, which is higher than its net loss of US$ 4.1 million in Q1 2022. This meant a net loss per share of US$ 0.28. Meanwhile, the net loss for Q1 2022 was US$ 0.20 per share.

The cash and cash equivalents for the 2023 quarter were US$ 34.2 million. This was lower than the cash and cash equivalents of US$ 38.8 million reported for Dec 2022 quarter.

Image source: ©2023 Kalkine®; Data source: Company Reports

Meanwhile, the company also reported higher Research and Development expenses of US$ 4.1 million in Q1 2023. General and administrative expenses stood at US$ 2.1 million for Q1 2023.