Oncolytics Biotech (NASDAQ:ONCY) Coverage Initiated at Lake Street Capital

Key Points

• Lake Street Capital has initiated coverage on Oncolytics Biotech (NASDAQ: ONCY) with a "buy" rating and a price target of $7.00.
• The stock currently has an average rating of "Moderate Buy" and an average target price of $5.00 based on various analysts' reports.
• Oncolytics Biotech reported earnings of ($0.05) per share in its latest quarterly results, exceeding expectations of ($0.11).

Lake Street Capital assumed coverage on shares of Oncolytics Biotech (NASDAQ:ONCY - Free Report) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $7.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright reissued a "buy" rating and set a $5.00 target price on shares of Oncolytics Biotech in a report on Wednesday, May 21st. Jones Trading restated a "hold" rating on shares of Oncolytics Biotech in a research report on Friday, May 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Oncolytics Biotech presently has an average rating of "Moderate Buy" and an average target price of $5.00.

Oncolytics Biotech Trading Up 14.9%

NASDAQ:ONCY traded up $0.14 during midday trading on Wednesday, hitting $1.08. 875,259 shares of the stock were exchanged, compared to its average volume of 887,315. Oncolytics Biotech has a one year low of $0.33 and a one year high of $1.53. The company has a market capitalization of $105.20 million, a price-to-earnings ratio of -4.00 and a beta of 1.09. The business has a 50-day moving average price of $0.92 and a two-hundred day moving average price of $0.70.

Oncolytics Biotech (NASDAQ:ONCY - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.06. Sell-side analysts forecast that Oncolytics Biotech will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Oncolytics Biotech stock. Geode Capital Management LLC raised its position in shares of Oncolytics Biotech Inc. (NASDAQ:ONCY - Free Report) by 59.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,939 shares of the company's stock after purchasing an additional 24,997 shares during the quarter. Geode Capital Management LLC owned 0.08% of Oncolytics Biotech worth $61,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 6.82% of the company's stock.

About Oncolytics Biotech

Oncolytics Biotech Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancer. The company is developing pelareorep, an intravenously delivered immunotherapeutic agent, which is in phase 3 clinical trial for the treatment of hormone receptor-positive / human epidermal growth factor 2-negative metastatic breast cancer and advanced/metastatic pancreatic ductal adenocarcinoma.